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Help me study for my Business class. I’m stuck and don’t understand.Complete the SQT 12 Assignment attached below and then respond to the two peers SQT 12 short paper Assignment responses. Each peer response should be 200 words, the response should start of with “Hello (name)”Peer ResponsesLisaKey Concepts in Operations Management have many components. Businesses need to control and manage their supply chains to ensure they are keeping up with client demand and controlling inventory. Inventory management is a key component. Managers need to stay updated on both internal and external factors that could effect the delivery as well as the demand of their products. Basically understanding how quickly inventory moves out to the client effects bottom line profitability. If a company can maintain solid relationships and agreeable terms with suppliers, chances of loosing a supplier are minimal and limit the effect of inventory warehoused and inventory delivered to the customers. Maintaining a location in a facility that either produces and ships product to clients can be paramount to a business. If the facility is planned inefficiently, output of products can be impaired. Good Facilities management can be attained when businesses consider the different phases and timelines to complete a finished product. As businesses start to grow, facilities management and capacity planning can be compromised when the focus is on the growing sales and revenue. When focus is removed and capacity is reached the business risks loosing quality of product, delivery of product and at the worst loss of clients due to faulty products and late delivery. Use of Sigma Six strategies in quality assurance minimizes the variability. focusing on making simple daily changes can effect output positively and contribute to the overall profitability and success of a companies product delivery and brand recognition. DamienScope of Operations Management The steps for a successful Operations Management include several processes that when used properly can provide an effective strategy or tool in leading a business. At minimum, a business or an operations manager would need to have knowledge of appropriate forecasting, capacity planning, scheduling, inventory management, quality assurance/management, and facilities location and design. Once a leader has a full understanding behind operations management are they then equipped with the necessary tools to achieve success within a business.To start with, for a leader to forecast effectively they would need to start with proper brainstorming and planning of their product and services. This includes but is not limited to:
Clarifying the needs and wants of the target market or target group of customers.
Identifying products and services that should best be provided to those target markets.
Identifying competitors, as well as potential collaborators.
Determining the best terms in pricing the products and/or services.
Determining advertisement and promotional methods towards target market.
The production from this type of research manifests the feasibility of planning, thus forecasting, an effective approach towards production or service manufacturing. Factors such as production costs, employment, facilities, etc. are the foundation for business planning.Additionally, the practical next step in the operations management process is capacity planning. Once the variable costs have been determined, it is time to proceed onto determining the output of production of the established product or service. This initiation includes the prediction of the supply and demand outcomes. A useful planning technique to ensure consideration of many possible influences is scenario planning, including to consider various external driving forces that could have a strong influence. By the conclusion of the capacity planning phase, estimates and material planning should be determined and prepared.Thirdly, one of the more critical steps of the operations management processes is the overall scheduling. Scheduling is absolutely vital to ensure the most efficient use of time and labor applied to production process. To coordinate, organize and monitor is to effectively optimize people, equipment, and overall production of products or services. Poor scheduling can dramatically hinder the broad scope of operations and operations management. A successful schedule is met with minimized production costs and time.Next on the agenda, is the management of inventory and the supply-chain involved with the product manufacturing. Inventory management includes unprocessed materials, finished products, supplies and works-in-progress. This role effectively oversees inventory beginning from manufacturing all the way through storage to the location in which the product is to be sold. The constant battle for balance is a necessary task due to the risk that an oversized inventory can quickly become unprofitable if the inventory is not sold in a timely manner. Hence, overstocked inventory then leads to higher costs of storage. On the other hand, inventory that is scarce also runs the possibility of not meeting consumer demand that can lead to a loss in revenue. Inventory management is nevertheless a complex process that may gradually become more difficult the larger the company behind it. Yet, the basics will be the same for any organization regardless of the type.Equally important, is the process of quality assurance and management over products and services. Shockingly but not really, each of us technically engages in quality assurance at some point or another. It’s a practical tool that can be applied to most operations. In essence, quality assurance is the achievement of a certain set of goals or standards. Then by continuing to improve upon that achievement, one would be engaging in quality management. The same principal can be applied to products and services where standards need not only to have been met but to also be improved as well. However, it is easier said than done especially considering that products and services are different entities, where a product is a tangible item and a service is not. It is easier to monitor a tangible item versus a service where the matter in question is typically subjective.Lastly, one of the more crucial steps in operations management is through the facilities location and design. Not only is the facility location and design important for foundation and efficient facilitation, it is an essential prospect when considering the costs associated with the maintenance of the facility. Generally, maintenance can be one of the more costly of the endeavors and can heavily impact the production output from the facility. A design of a manufacturing facility should, at minimum, exploit the most efficient use and purpose of raw material and resources. Maximizing the use and power of equipment, labor, and energy may also lead to a maximized measure of profitability.In conclusion, when developing a scop of operations management, it is prudent for a leader or a company to incorporate the methods of planning and strategizing for a efficient use of their products or services. Wherein the appropriate application of forecasting, capacity planning, scheduling, inventory management, quality assurance/management, and facilities location and design will ultimately guide the effectual success of a business. Albeit, it is not the sole formula that will always equal success, but is instead key determining factor in the steps towards evolving into a successful organization.
Requirements: 600-700 words for SQT 12 Assignment and 200 words each for peer responses