PRODUCTIONOPERATIONS MANAGMNT MGMT 320
Virginia Commonwealth University
Popular in Course
Timmy Eichmann IV
verified elite notetaker
Popular in Business, management
This 3 page Class Notes was uploaded by Timmy Eichmann IV on Wednesday October 28, 2015. The Class Notes belongs to MGMT 320 at Virginia Commonwealth University taught by Elliott Minor in Fall. Since its upload, it has received 14 views. For similar materials see /class/230689/mgmt-320-virginia-commonwealth-university in Business, management at Virginia Commonwealth University.
Reviews for PRODUCTIONOPERATIONS MANAGMNT
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 10/28/15
MGMT 320 Production and Operations Management Assignments for Spring 2011 Note There are no graded homework assi ments in this course You will f39md however that numerous exam questions closely re ect those found in the homework assignments E you want to do well in this course do the assignments and take an active role in discussing them in class For Tuesday January 18 2011 1 Review PowerPoint slides Stevensonchptlsupplemental which are available in the Course Documents section of Blackboard Pleasants Hardware type of store From the Video Compete on Customer Service Compete on Specialty Products Location aprox 45000 Line Items That They Sell POS keeps track of sales to ppl things like Rewards Zone QuickB00ks by Intuit Accounting Systems Has POS Module too for Small Business Bar Codes that run into Once it leaves the store it can t be tracked RFID Radio Frequency ID Can be either Active or Passive Can be tracked no matter where they go Cycle Counting basically PI like at BBY basically counting on a regular basis c0unting a small amount of things on a regular basis Rather than counting all things on an infrequent basis Retail Inventory it gives customers something to buy Manufacturing Inventory Raw Materials not completely raw materials in the sense a lumberj ack s raw materials are basically nature s nished materials W0rkinPr0gress Finished Goods Relevant Costs Carrying Holding Costs Space warehouseshelves Pe0ple to manage it Techn010gy such as Quick books POS ect Shrinkage Theft loss perishability Opp0rtunity Cost Whatever you give up to do what you are doing The holding cost is often expressed as a 0fthe cost 0fthe item Ordering Setup Costs The Costs Associated with placing an order NOT including the cost of the item itself Shipping Key Inventory Decision How much to Order What is your lot size High Holding Costs Low Ordering Costs Small Lot Sizes Low Holding Costs High Ordering Costs Quantity Discounts IF THE PRICE OF THE PRODUCT ITSELF DOES NOT VARY WITH THE ORDER QUANTITY THEN THE PRICE IS NOT RELEVANT eX Demand 1200yr 20item 1 order of 1200 discounted to 17ect Or place 12 orders of 100 each regular price of 20ect Holding cost is HQ2 D is a rate which what we consume per unit of time DQ how many orders are placed per time frame S Total Set up Cost Per Order SDQ Total Set up Cost per Time Frame Total Cost HQ2 SDQ PD E03 2 Mode Demand is Consistent m 9hr we 4 4 lt gt Time Q Quantity Ordered lot size Q2Average Inventory H Holding CostsUnitper unit of Time V Avg Demand For Thursday January 20 2011 2 In class Iwill show the YouTubeTM Video Ford Model T 7 100 Years Later 516 The link is shown below and may also be found in the Extemal Links section of Blackboard http wwwyoutube comwatchVS4KrIMprCY Read Chapter 1 Introduction to Operations Management