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Barron’s Review Series: Operations Management

CH 1. The Scope of Operations and Production Management.

  1. General Description of Production and Operations Systems.

Characteristics and their differences in SERVICE VS. Manufacturing.

COST, QUALITY, SPEED, FLEXIBILITY.

Cost = only one low cost leader.

QUALITY has PRODUCT AND PROCESS Components.

Focus on customer Requirements.

Retail=Sales per SQ FT.

Restaurant=Customers per labor hour.

Utilities=Kilowatts per ton of Coal.

Supply chain Mgmt= Global scale=Tradeoffs, modeling.

TQM=everyone’s job.

Accounting dept CAN list quality costs.

Quality of Design.

Quality of Performance.

Cost of Quality = 20 % of Gross MFG sales.

30 % of Service Firms Gross. Experts say it should be 2.5 %.

Costs of Failure: Rework/Review/Retest/Refund. Internal / External costs.

Juran says 80 % of all quality problems inside management control.

Crosby: Quality is free.

Theory? 80 % of problems from 20 percent of products.

Quality=think at the design level / process level ~ all areas.

Quality Loss Function=QLF.

QLF= L=k(L-T)^2

Taguchi Quality Control Formula above.

 

  1. Manufacturing Operations vs. Service Operations.
  2. Operations Strategy.
  3. Productivity.
  4. Total Quality Management and Quality Costs.
  5. Continuous Improvement.
  6. Know the Concepts:
  7. Basics:
  8. Terms for study.
  9. Practical Application.

 

CH 8: Aggregate Planning and Master Scheduling:

The Production Planning Process.

Aggregate Planning.

Master Scheduling.

Computer Scheduling Systems.

Operations Scheduling.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 2. Decision Making: Concepts and Tools:

See my 100 Examples in OM / CIS, click here

 

Define/ Goal/ Constraints/ Alternatives/ Forecast Environment / Potential Outcomes/ Select-Apply Rules.

Decision Matrix.(max/max)= optimism. (max/min)= pessimistic.

Decision trees allow analysis from a better viewpoint since each case can be looked at and computer simulation also exists. Orderly and sequential fashion. ~ communication.

MODELS:

Narrative.

Physical.

Mathematical.

Graphical.

Statistical.

Optimization.

Project Planning / Management Models.

Simulation.

Simulation is descriptive whereas optimization is ~LP is prescriptive.

Formulation of Linear Programming Models

(click here for examples of my work)

Decide variables.

Max or Min.

Objective Function.

Constraints.

Inequalities.

All > or = to 0.

Simplex Method.

Assumptions.

  1. Linearity, 2. Certainty, 3. Divisibility,
  2. 4. non-negativity.

Shadow Prices.(Opportunity costs)

Decision Making Under Uncertainty.

Decision Matrix.

Decision Trees.

Modeling a Real Life System.

Linear Programming.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

CH 9: Inventory Management:

Economic Order Quantity and Reorder Point.

EOQ with Non-Instantaneous Replenishment.

EOQ with Quantity Discounts.

Determination of Safety Stock.

The Single Period Inventory Problem-Marginal Analysis.

Computers and Inventory Planning.

Simulation.

Using the ABC System for Inventory Control.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers

CH 3: Forecasting:

Who uses Forecasts.

Forecasting Methods.

Selection of Forecasting Methods.

The Qualitative Approach.

Steps in the Forecasting Process.

Moving Averages and Smoothing Methods.

Regression Analysis.

Regression Statistics.

Use of Computer Software for Regression.

Multiple Regression.

Time Series Analysis and Classical Decomposition.

Computer Software for Forecasting.

Evaluation of Forecasts.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 10: Material Requirements Planning and Just in Time:

Material Requirements Planning.

Manufacturing Resource Planning.

Just-In-Time Manufacturing.

MRP Versus JIT Systems.

Value Analysis or Value Engineering.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 4: Product Planning, Process Selection, and Capacity Planning:

Product Design.

Interaction Between Product design And Production Costs.

Basic Product Design Alternatives.

Quality Function Deployment.

Processes and Process Planning.

General and Special Purpose Equipment.

Automation.

Process Planning

Product Analysis.

Make-Buy Analysis.

Process Selection.

Reliability and Maintenance.

Capacity Planning.

Evaluation Alternative Capacities.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 11: Facilities Investment Decisions.

What are the Features of Investment Projects?

Understanding The Concept Of Time Value of Money.

How do You Evaluate Facilities Investment Projects?

How do Income Taxes Affect Investment Decisions?

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 5: Facility Location.

Factors in Location, example click here..fix.

Site Selection.

Multiplant Location.

Special Considerations in Location Decisions.

Location Decisions.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

 

CH 12: Project Management:

Project Scheduling Models.

Gantt Charts.

Program Evaluations and Review Technique.

The Critical Path Method Model PERT / COST.

Computer Software for Project Management.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

 

CH 6: Design of the Work System and Work Measurement:

Work and Job Design.

Work Measurement and Production Standards.

Work Measurement Systems.

Learning Curve.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 13: Waiting Lines and Queuing:

Queuing or Waiting Lines.

Using Queuing Analysis to Analyze Operations.

Structure of Queuing – Waiting Line Problems.

Analytical Models for Waiting Lines.

Queuing Notations.

Computer Simulation for Waiting Lines.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

 

CH 7: Facilities Design and Layout:

Layout of Facilities.

Material Handling Methods.

Classic Layout Types.

Minimization of Material Handling Costs.

Systematic Layout Planning.

Computerized Plant Layouts.

Operations Scheduling.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

CH 14: Quality Assurance.

Pareto Analysis.

Statistical Quality Control.

Acceptance Sampling for Attributes.

Types of Sampling Plans.

Control Charts for Attributes.

Computer Software for Quality Control.

Know the Concepts:

Basics:

Terms for Study:

Practical Application.

Answers.

 

 

Glossary:

 

 

 

 

 

 

 

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