LEADSTAR COLLEGE OF MANAGEMENT AND LEADERSHIP TUTOR MARKED ASSIGNMENT (TMA) FOR OPERATIONS MANAGEMENT ASSIGNMENT WEIGHT: 50% STUDENT NAME Abreham Kelile Kaba ID LMBA0013/2014 BACTH 1ST Part I: Multiple Choice Questions (1 point each) Choose the best answer from the following Questions _C__Q1.One advantage of Just-in-Time (JIT) Management of stock is _____a. It reduces the need to plan and organize _____ b. it removes the need for delivery Quality Control _____ c. it reduces the cost of holding
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abilities of managers to keep their companies successful. CEO’s‚ marketing and operations managers‚ they all play a vital role in the profitability of their companies‚ no matter if they are small regional companies or large multinational corporations. Since the start of the economic crisis in 2008‚ all national economies face difficulties‚ both in the goods and the financial markets. This is also the case of Romania‚ which started as one of the most promising emerging economies in the Eastern European
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Operations Management: Why are operations the most vulnerable sector of any company when considering CSR? I. Introduction As globalization continues‚ the earth ’s natural processes transform local problems into international issues along with the development of international commercial activities. Few communities are being left untouched by major environmental issues and social problems. As one of the most active and influential elements of the human society‚ the business world has been
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should consider a centralized corporate level Materials Management System to consolidate buying decisions for each of the 4 dealerships. This would facilitate greater leveraging with suppliers for consistent quality-control. They should study‚ calculate and make effective decisions on the materials that should be brought for each of the four dealerships instead of allowing each dealer to do it on their own. An automated EDI (Electronic Data Interchange) inventory management system that interconnects
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supply chain management which brings customer satisfaction and profitability. Many retailers especially supermarkets and grocery stores use different strategies in order to achieve an effective supply chain management. Faced with predictable variability‚ a company’s goal is to respond in a manner that balances supply with demand to maximize profitability (Chopra & Meindl‚ 2013: 247). Inventory management is the activity of planning and controlling accumulation of inventory which occurs because
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1. Define decision and describe the steps in decision making process. When trying to make a good decision‚ a person must weight the positives and negatives of each option‚ and consider all the alternatives. For effective decision making‚ a person must be able to forecast the outcome of each option as well‚ and based on all these items‚ determine which option is the best for that particular situation. Decision making is the process of choosing a solution from available alternatives. Individual
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PRINCIPLES OF MANAGEMENT MGMT 201 STUDY GUIDE – Chapter 1-2 What is Management? The planning‚ organizing‚ leading‚ controlling of resources to achieve organizational goals effectively and efficiently Understand the term POSMEC and the four tasks of management that your textbook discusses Planning: identifying and selecting the most appropriate goals Controlling: establish accurate measuring and monitoring system to evaluate how well the organization has achieved its goal Leading: motivate
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ASSESSMENT TASKS 1 THE ROLE OF FORENSIC ACCOUNTANTS IN CORPORATE GOVERNANCE Corporate governance is defined as the formal mechanism of direction‚ supervision and control put in place within a company in order to monitor the decisions and actions of its senior managers and ensure these are compatible and consistent with the specific interest of shareholders and the various other interests of shareholders who contribute to the operations of the company. Forensic Accountants are experienced investigators of legal and financial
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Industrial revolution to internet revolution Operations Management involves the design and management of an organization’s systems and processes. Here‚ organizations will be focusing on the creation and delivery of products and services. This includes such functions as capacity planning‚ inventory management‚ logistics management‚ production planning and control‚ resource allocation and total quality. Career opportunities exist in consulting‚ manufacturing‚ retailing‚ service organizations and government
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Operations Management is the management of systems or processes that create goods and/or provide services. OM oversees the very core of any business and organization. With such a huge impact on the company‚ OM can literally help make or break a company. There are many businesses out there that have exceptional OM teams and these are the companies that flourish. However‚ there are some that don’t and these struggle from day to day which hurts the overall success of the company. Operational Management
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