...Materials Management / 1 CHAPTER I Materials Management Introduction Materials Management is simply the process by which an organization is supplied with the goods and services that it needs to achieve its objectives of buying, storage and movement of materials. Materials Management is related to planning, procuring, storing and providing the appropriate material of right quality, right quantity at right place in right time so as to co-ordinate and schedule the production activity in an integrative way for an industrial undertaking. Most industries buy materials, transport them in to the plant, change the materials in to parts, assemble parts in to finished products, sell and transport the product to the customer. All these activities of purchase of materials, flow of materials, manufacture them in to the product, supply and sell the product at the market requires various types of materials to manage and control their storage, flow and supply at various places. It is only possible by efficient materials management. The materials requirements planning, purchasing, inventory planning, storage, inventory control, materials supply, transportation and materials handling are the activities of materials management. They will be discussed in details in various chapters to follow. About 20-25 years ago, there was no cut-throat competition in the market to sell the various consumer items manufactured by different industrial undertakings and the availability of materials to manufacture...
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...Operation Management 2 Task 2: The Link between Operation Management and Strategic Planning 4 Task 3: Organizing a Typical Production Process 6 Task 4: Application of Relevant Technique to the Production of an Operational Plan for an Organization 7 Conclusion: 9 References: 10 Introduction Operation management is a part of overall function of a business organization. It means planning, organizing, staffing, leading and controlling the resources of a company those are used to make goods or services of that particular organization. So it can also be said as a part of management function. Operation management is important for any kinds of company including for- profit, not-for-profit, social, commercial etc. IT performs the prime managerial activities of any organization. Weather the organization is service oriented or profit oriented to achieve goals it needs to manage its resources like human, technological, informational etc. organizational management makes the way for a better combination of these resources. In this assignment the nature and importance of operation management will be described. The importance of organization management for an organization, its operation in a selected organization and evaluation of operational management of a selected organization by using a process model also will be described. There is a link between operation management and strategic management it will also be explained. The importance of Three Es’, the impact of cost management and...
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...1 PRODUCTION AND OPERATIONS MANAGEMENT Introduction Product. Production. Management. Production and Operations Management an Overview. Definition of Production Operations Management. Objectives of Production Management. Scope of Production Management. Benefits derived from efficient Production Management Department. Functions of Production Management. Types of Production Systems. Characteristics of production systems and Production cycle. INTRODUCTION The Subject of Production Management is studied under different Headings-such as Production Planning and control, Production and Inventory control, production and operations control and many more. What ever may be the title of the subject, the contents of the subject are more or less one and the same. Before we discuss about production management, let us discuss about product, production and management. This will give us a rough idea about production Management and with what a production manager has to deal with. 1.1. PRODUCT Though many authors define the product with Consumer orientation, it is better for us to deal with different angles, because it will be helpful for us to understand the subject of production and Operation Management. (i) For a Consumer: The product is a combination of or optimal mix of potential utilities. This is because every consumer expects some use or uses from the product. Hence he/she always identifies the product in terms of the uses. Say for example-Soap can be identified by complexion, cleanliness...
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...Production and Operations Functions under the changing Techno-structural Environment By Shweta R. Chinchole September 2nd, 2013 Abstract: Majority of organizations today are restructuring, changing the work design and adapting the employee involvement (engagement) process in the business. However every function in an organization may or may not respond well to these changes. This paper focuses on the effects of Downsizing (effective way of restructuring the organization) and employee empowerment on the production and operation functions in the manufacturing industry. Employee empowerment has a positive impact on Production functions under specific conditions and with more of trust and social relationship between the management and employees. Empowerment is a boon to the manufacturing industry, as the in-depth knowledge of technical employees in operations is well utilized by the management. The Operation functions brings together raw materials with the production process to make products that customers need, here employees form the core, around which these processes revolve. Downsizing creates opportunities to identify, train and develop capable employees to fulfill more responsible roles in production and operation departments. Downsizing, from a company perspective, is a very positive event targeted to make their products better, increase their profit, and streamline operations. In organizations that have restructured, many do not handle the process of downsizing well and can...
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...Lesson # 1 Financial Management: Introductory Notes and Words Concepts of Finance and Financial Management Financial Management refers to the proper management of finance functions of an enterprise or organization. In other words, financial management is concerned with the financial decision-making and other financial aspects. Thus, financial management involves financial planning, financial organization, financial coordination and control, financial reporting, financial mergers, combinations and acquisitions, insurance and tax management etc. Financial planning is concerned with the act of deciding in advance the financial activities that are essential if the enterprises are to achieve their financial goals and objectives. These financial activities mainly consist of properly estimating financial needs; selecting the proper sources of finances; procuring the requisite funds; proper utilization of the funds and custody and safekeeping of funds. Financial organization is the grouping of the finance functions into various divisions, departments, sections and sub-sections of the enterprises for their proper and efficient performance. That is, financial organization deals with the proper allocation of the finance functions amongst the various financial executives. Financial coordination and control deal with the proper adjustment of the finance function and evaluation of the same in relation to the predetermined standards. Financial reporting is the proper collection and...
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...Assignment in Production and Operation Management 1. Production/operations management is the process, which combines and transforms various resources used in the production/operations subsystem of the organization into value added product/services in a controlled manner as per the policies of the organization. Therefore, it is that part of an organization, which is concerned with the transformation of a range of inputs into the required (products/services) having the requisite quality level. Production function is that part of an organization, which is concerned with the transformation of a range of inputs into the required outputs (products) having the requisite quality level. Production is defined as “the step-by-step conversion of one form of material into another form through chemical or mechanical process to create or enhance the utility of the product to the user.” Thus production is a value addition process. At each stage of processing, there will be value addition. 2. Operations Management The study of set of activities comprising supervision, planning and designing of business operations in the field of manufacturing of goods and services is termed as operations management. The purpose of operations management is to make certain that the operations of a business are efficient and effective and result in minimum of wastage. Operations management tries to cut down resources involved in operations while at the same time making operations more effective and productive...
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...Operations Management maintenance of the production of goods or services 1. Introduction Operations management is the maintenance of the production of goods or services that a company is developing for sale. The management team is charged with the task of ensuring a profitable and safe production system, and also ensuring that resources are allocated and used in an efficient manner, minimizing waste in labour and material resources. In order to meet these goals, the management team thus has to attempt to find the best operations strategy available for their particular situation and product. The biggest challenge for any organization and its operations is to try to maximize productions by cutting down on waste, Finding the right balance between getting the production up to the required standard by using the resources available to the optimal level. There are many strategies that can be used by an operations manager depending on the needs of production, and in the first section we will examine some existing operation management strategies, and in the second section we will examine the effectiveness of these strategies, and how well they fit in with the goals of the target organization, Toyota. 2. Operations Managers Role The Role of an operations manager is of utmost importance as any operations manager who can effectively utilize an organizations resources to efficient effect by producing outputs of a standard & sustainable quality, contributes to the organizations targets...
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...Project Management Exxon Mobil Oil Company Synopsis This paper focuses on the aspects of project management as far as the integral demands for the project management are concerned. Essentially, project management is geared towards achieving the solid goal of the organization which is merely dependent on the policy framework, production mechanisms and the overall performance of the operations manager. In this regard, this paper focuses on the main issue of operations of Exxon Mobil Oil Company which is a major player in the oil industry in US. This company has a well established supply chain which has been responsible for the maintenance of a market leadership for a long time. In fact, business operations at the company have been pegged on a number of project management essentials such as information technology in the management and manipulation of business data. In this regard, business activities at the company has been a practical lesson to majority of its feeder companies which are still struggling to realize a significant market potential as ExxonMobil in the long-run. Indeed, this paper therefore employs theoretical and practical understanding of the essentials of business model assumed by the oil and gas company towards developing proficient business activities in the industry and the globe at large. Background Exxon Mobil Corporation is a multinational Oil and Gas Company based in America and headquartered in The Irving region of Texas, US. This company is the...
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...Operations and Informations management (Author’s name) (Institutional Affiliation) Introduction In today’s business environment, cost effectiveness is routinely characterised by both short production cycles, reduced costs incurred upon production, while the models and varieties of products continues to increase. In addition to that, the global structures of business present many enterprises with a challenge to limit the production period in a bid to maintain the supply in an ever-innovative market setting. The purpose of this paper, therefore, is to dissect the nature of lean thinking, by investigating the definition of the term lean production and the methods and goals that associate with this concept. In addition to that, this essay will explain into detail how the lean management style differs from the other popular management concepts. As such, the article aims at giving a clear presentation of lean thinking and production and the manner in which they influence the business operations. This will happen through a review of the contemporary literature on the term lean, and a summary of the principles and practises associated with lean thinking as well as the stated purpose of the management style in event management operation. Based on this an in depth evaluation of the validity of lean thinking will be made in line with effective event management operations. Literature review ...
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...Chapter 1 Production and Operations Management (POM): An Introduction 0 Overview • • • • • Introduction Historical Milestones in POM Factors Affecting POM Today Different Ways of Studying POM Wrap-Up: What World-Class Producers Do 1 Introduction • Production and operations management (POM) is the management of an organization’s production system. • A production system takes inputs and converts them into outputs. • The conversion process is the predominant activity of a production system. • The primary concern of an operations manager is the activities of the conversion process. 2 Organizational Model Finance Sales HRM POM Marketing QA Engineering MIS Accounting 3 Organization Chart-Major Elements Manufacturing Organization Operations Finance/Accounting Disbursements & Credits Funds Management Capital Requirements Marketing Sales Promotion Advertising Sales Market Research Facilities Production & Inventory ontrol Quality Assurance & Control Procurement Engineering Design Industrial Engineering Process Engineering Entry-Level Jobs in POM • Purchasing planner/buyer • Production (or operations) supervisor • Production (or operations) scheduler/controller • Production (or operations) analyst • Inventory analyst • Quality specialist 5 Historical Milestones in POM • • • • • • The Industrial Revolution Post-Civil War Period Scientific Management Human Relations and Behaviorism Operations Research The Service Revolution 6 The...
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...Any investment organization performs its operations based on the set objectives. The success of investment firms are realized when these objectives are met. Accomplishment of the desired goalswithin the firm depends on the management. Management refers to a body responsible for governance or arranging factors of production in a manner that perform efficiently and effectively. Management is wider in its operation. It encompasses planning, implementation and control( Morden,2007). The three operations within an organization must have a common point of connection which ensures concurrence. Planning involves setting up of ideologies for instance economic policies aimed at propelling the firm towards realizing its desired profitability levels. In most cases, planning involves intensive analysis of the current state of the firm, in order to find the point of weakness and strength within the organization. Also, external factors such as market trend, political stability, availability of labor and others are considered. The policies or ideologies set during planning must be pertinent with the current needs of the company. The set policies ought to be implemented. Implementation involves crystallization of the ideologies into practicalactions.Implementation is followed by control whereby the operations within the organization are subjected to regulations. Proper management strategies, equips the management system with effective techniques of ensuring quality production which enhances...
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...The Crucial Importance of Production and Operations Management Author(s): Charles G. Andrew and George A. Johnson Source: The Academy of Management Review, Vol. 7, No. 1 (Jan., 1982), pp. 143-147 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/257260 . Accessed: 22/10/2013 05:14 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . Academy of Management is collaborating with JSTOR to digitize, preserve and extend access to The Academy of Management Review. http://www.jstor.org This content downloaded from 14.139.155.243 on Tue, 22 Oct 2013 05:14:17 AM All use subject to JSTOR Terms and Conditions ?Academy of Management Review 1982, Vol. 7, No. 1, 143-147 The Crucial Importance of Production and Operations Management CHARLES G. ANDREW University of Hartford GEORGE A. JOHNSON University of Connecticut The history of the recent decline of production and operations management (POM) in academic importance is traced. POM's fundamental importance as a functional area is argued on the basis...
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...What is compensation Management? Companies have a process, or procedure they use when deciding the terms of the compensation. Thus, compensation management is the act of distributing some type of monetary value to an employee for their work, by means of the company's policy or procedures. In basic terms, it is paying an employee based upon the decided pay and benefit package for the position. The goal of compensation management is to find quality people, who perform quality work, and then compensating them in order to retain them and reduce turnover rates. Some different types of compensation include, salary, overtime pay, commission, bonuses, and benefits packages that might include, health and dental insurance, vacation time, and retirement savings. Blue Flowers (Pvt.) Ltd Blue Flowers (Pvt.) Ltd is an 8 years old company engaged in manufacturing of high quality artificial flowers to the local and international market.it is situated in a remote area in Moneragala District, with a total workforce of 350.Its products are very well established in local and International outlets. The vision of the company is “To be a leading manufacturer of world class quality artificial flowers in South Asia by year 2015”. The company operates through functional departments, namely Purchasing Department, Production Department, Sales/Marketing Department, Accounts Department and HR Department. From last year onwards, they have been flowing with steady import orders. This trend can be anticipated...
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...[pic] MGMT 405 Operations and Production Management Answer set 1 (Reference chapters 1 – William J. Stevenson-2007, ninth edition) Discussion Questions 1. What do you understand by the term ‘Operations Management’? ANS: ✓ Operations Management is the management of that part of an organization that is responsible for producing goods and/or services. The management of systems or processes that create goods and/or provide services. i.e. Every book you read, every e-mail you send or every medical treatment you receive involves the operation function of one or more organizations 2. Identify the three major functional areas of business organizations and briefly describe how they interrelate. ANS: ✓ Finance- is responsible for securing financial resources at favourable prices as well as analysing investment proposal and providing funds for marketing and operations. ✓ Marketing is responsible for assessing consumer needs or wants and selling and promoting the organization’s goods and services. ✓ Operations is responsible for producing the goods or providing the services offered by the organization. 3. Describe the nature of operations function. ✓ ANS: The operations function consists of all activities that directly related to producing goods or providing services. It is the core of most business organizations because it is responsible for the creation of organization’s goods or services. Its essence is to add value during...
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...Effects of Quality Management Name University of Phoenix Quality Management and Productivity 449 Instructor Date Abstract To compare and contrast quality management an analysis of quality between two organizations in the same industry will be shown in comparison. A description of the organizations similarities and process is explained. Reasons why the process produces a competitive product or service in the domestic and global market is better understood. Quality management and its affects in a company’s position in the domestic and global market are important to understand when speaking about the comparisons of organizations in the same industry. Quality management is an important factor in the success of today's organizations. Leading organizational thinkers have gone to the extent of saying quality in an organization determines the quality of its management, and quality management. In order to bring quality and excellence to an organization, managers need certain skills, tools, and abilities in all their functions. These skills and abilities relate to their understanding of management principles and theories, key organizational functions, and their mutual interrelationships. One of the large industries to follow the ISO quality assurances is major automobile distributors (2010, November). Effects of Quality Management Becoming registered to the ISO 9001 standards are not only as a means to improve the association's business processes and quality of work...
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