Operations Management Homework
Chapter 10
1. Define capacity including the two ways it can be viewed. Provide an example of each way.
Capacity is the capability of a manufacturing or service resource such as a facility, process, workstation, or piece of equipment to accomplish its purpose over a specific time period. Capacity can be viewed at the maximum rate of output per unit of time or as units of resource availability. Automobile plant is an example of capacity at the maximum rate of per unit of time and a hospital is an example of available resources.
2. What are complementary goods and services and why do firms have them?
Complementary goods and services are goods and services that can be produced or delivered using the same resources available to the firm, but whose seasonal demand patterns are out of phase with each other. Firms use them to balance seasonal demand cycles and they use the excess capacity available.
Chapter 11
1. Explain how forecasting is used at different levels of an organization. Be very detailed and specific.
Forecasting is the process of projecting the value of one or more variables into the future. Forecasting is used to gain the customer, keeping the customer and the production process of value creation.
2. Explain the difference between statistical forecasting and judgment forecasting. Be very detailed and specific.
Statistical forecasting is based on the assumption that the future will be an extrapolation of the past. Judgmental forecasting relies upon opinions and expertise of people in developing forecasts.
Chapter 12
What is inventory management and why is it important? Be very detailed and specific.
Inventory management is the planning, coordinating and controlling the acquisition, storage, handling, movement, distribution, and sale of raw materials, component parts, and subassemblies, supplies and tools, replacement parts, and other assets that are needed to meet customer wants and needs. It is important because it is a substantial
1. Define capacity including the two ways it can be viewed. Provide an example of each way.
Capacity is the capability of a manufacturing or service resource such as a facility, process, workstation, or piece of equipment to accomplish its purpose over a specific time period. Capacity can be viewed at the maximum rate of output per unit of time or as units of resource availability. Automobile plant is an example of capacity at the maximum rate of per unit of time and a hospital is an example of available resources.
2. What are complementary goods and services and why do firms have them?
Complementary goods and services are goods and services that can be produced or delivered using the same resources available to the firm, but whose seasonal demand patterns are out of phase with each other. Firms use them to balance seasonal demand cycles and they use the excess capacity available.
Chapter 11
1. Explain how forecasting is used at different levels of an organization. Be very detailed and specific.
Forecasting is the process of projecting the value of one or more variables into the future. Forecasting is used to gain the customer, keeping the customer and the production process of value creation.
2. Explain the difference between statistical forecasting and judgment forecasting. Be very detailed and specific.
Statistical forecasting is based on the assumption that the future will be an extrapolation of the past. Judgmental forecasting relies upon opinions and expertise of people in developing forecasts.
Chapter 12
What is inventory management and why is it important? Be very detailed and specific.
Inventory management is the planning, coordinating and controlling the acquisition, storage, handling, movement, distribution, and sale of raw materials, component parts, and subassemblies, supplies and tools, replacement parts, and other assets that are needed to meet customer wants and needs. It is important because it is a substantial