Briefly Describe The Term Operation Management Information Technology Essay

Briefly Describe The Term Operation Management Information Technology Essay Chapter 1: 1. Briefly describe the term operation management. The observation operations management relates to the management of methods or processes that produce goods or provide services. These procedures require planning, coordination, and execution of all actions that produce goods and services. It is also been described as the maintenance, control, and improvement of organizational activities that are required to produce goods or services for consumers. For the most part, Operation management has traditionally been associated with manufacturing activities; however, it can also be applied to the service sector. The measurement and evaluation of operations are usually undertaken through a process of business appraisal. Efficiency and effectiveness may be monitored by the application of ISO 9001 quality systems, or total quality management techniques (William, 2009, p. 4). 2. Identify the three major functional areas of business organizations and briefly describe how they interrelate. The three primary functions are operations, finance, and marketing. Operations are concerned with the creation of goods and services. This is done by making best use of the businesss staff, machinery, building and raw materials. Marketing is concerned with promoting and/or selling goods or services. They do this by maximize the level of sales by carrying out market research and promoting the goods or service through a motivated sales team. Finance is concerned with the provision of funds necessary for operation, have the task of producing the goods or service in the most efficient way. They do this by keeping a record of all money coming in and going out of the business. Last, they have responsibility for securing finances for future expansion and paying staff and suppliers (William, 2009, p. 4). 11. Why might some workers prefer not to work in a lean production environment? For the most part, workers do not like to work in a lean production environment because there are fewer opportunities for an employee to advancement within the company. Pursuant to a leaner production line, more workers become stress due to higher levels of responsibility. This is a result of fewer managers. Moreover, Workers also experiences larger variability and expansion of job requirements. This is where a worker is required to do more with less. Such cases of companies within the American auto industry have become lean to reduce cost and waste. Last, such cuts backs have allow the U.S. auto industry a second chance to be more competitive with other companies (William, 2009, p. 29). Chapter 2 6. Contrast the terms strategies and tactics. Strategy is the fundamental approach used by a company to attain its goal where tactics are the actions taken to accomplish strategies to carry out operations. The importance of strategies cannot be overemphasized an organizations strategies have a great impact on what the organization does to achieve its organizational goals. Strategies can be long-term, intermediate, or short term. In order to be effective, strategies ought to be designed to support the organizations mission and its goals. In contrast, tactics are the methods and actions used to accomplish strategies. They are more specific than strategies, and they provide guidance and direction for carrying out operations, high need detailed plans and decision making in an organization. Last, most consider tactics as the how to part of the process and operations as the execution part of the process (William, 2009, p. 43). 8. Explain the term time based strategies and give three examples. Time-based strategies are approaches that focus on lowering the time required to conduct the different activities in a procedure. The logic is that by curtailing the time, costs are generally smaller, productivity is larger, quality is improved, new products appear on the marketplace much earlier, and customer service is enhanced. Last, organizations have achieved time reduction in some of the following: Planning time: The time needed to react to a competitive threat, to develop strategies and select tactics, to approve proposed changes to facilities, to adopt new technologies, and so on. Product/service design time: The time needed to develop and market new or redesigned products or services. Processing time: The time needed to produce goods or provide services. This can involve scheduling, repairing equipment, methods used, inventories, quality, training, and the like. Changeover time: The time needed to change from producing one type of product or service to another. This may involve new equipment settings and attachments, different methods, equipment, schedules, or materials. Delivery time: The time needed to fill orders. Response time for complaints: These might be customer complaints about the quality, timing of deliveries, and incorrect shipments. These might also be complaints from employees about working conditions (e.g., safety, lighting, heat or cold), equipment problems, or quality problems (William, 2009, p. 51). 10. List some factors that can affect productivity and some ways that productivity can be improved. The factors that can affect productivity are methods, capital, quality, technology, and management. The various ways productivity can be improved. For instance, since, productivity measures all operations it helps to eliminate bottlenecks. Another improvement would be to solicit new ideas from workers that reduce unnecessary waste. Sometimes the formation of work teams helps a firm to be organized with their activities. A further improvement is the study other firms. From this, a firm can reexamine its work methods where it cans reestablishment new goals for improvement. Other features also include support from management, rewards, and publicize improvements, and lastly, it is significant not to confuse productivity with efficiency because productivity to an organization as a theory is concededly broader than efficiency (William, 2009, p. 59). William, S. J. (2009). Operations Management. New York: McGraw-Hill. page 35-36. Chapter 2: 6, 8,and 10,   page 61. These are due by Monday in the Discussion Board. Please have your responses to the questions submitted to the Discussion Board by DAY 5 Monday. This will give everyone the opportunity to discuss them before the end of Seminar 1. 2. Chapter 2 Case Study Paper Read the Case Study Home Style Cookies, found in Chapter 2, page 64-65. 2. What are two ways that the company has increased productive qty? Why did increasing the length of the ovens result in a faster output rate? The use of automation in the mixing process resulted in a reduction in waste; cookies are cut on a diagonal; and the company recently increased the length of its ovens (i.e., more cookies can be baked at the same time). 3. Do you think that the company is making the right decision by not automating the packing of cookies? Explain your reasoning. What obligation does a company have to its employees in a situation such as this? What obligation does it have to the community? Is the size of the town a factor? Would it make a difference if the company was located in a large city? Is the size of the company a factor? What if it was a much larger company? All companies have a moral obligation to their employees. Small companies with local owners, particularly in a small community, are more likely to be influenced by such considerations than large companies, in large communities, even with local owners, and even less likely to be influenced if owners are distant, or uninvolved in operations. The issue is a difficult one, often without easy solutions. Cost and efficiency may favor layoffs, but ill will and the effects on morale of employees that remain are important considerations. 6. What advantages and what limitations stem from the companys not using preservatives in cookies? By not using preservatives, the product probably appeals to health-conscious buyers, and there are fewer ingredients to purchase, store, and mix, but without preservatives, the shelf life is limited. 7. Briefly describe the companys strategy. The companys strategy is to provide a high quality (good food) cookie that appeal to a particular market niche. Then, respond to questions 2, 3, 6, and 7. Be sure to answer each of the questions posed (even if there are questions within questions).   Please send this  case study  via  the Assignments Link.   This assignment is due on Day 6 Tuesday. 3. Weekly Summary Please submit your Weekly Lessons Learned via the Assignments Link. Due no sooner than Tuesday and no later than Wednesday. NOTE:  ALL Weekly Lessons Learned (Weekly Summary) for Weeks 1 -6 must adhere to the following: Summarize what you have learned from the text reading, class discussions, assignments, etc.  You can even include (in addition to the aforementioned) how what you have learned each week has or can help you professionally.  Therefore, it should not be merely a listing of topics covered each week in your textbook.  Also, this assignment should be a minimum of 200 words. PARTICIPATION: Please submit at least 2 meaningful comments per day to the discussion board (for at least 5 of the 7 days of the week) to receive full participation points. ItemWeek 1 Discussion Questions Discussion Questions: Please respond to the Discussion Questions: Chapter 1: 1, 2, and 11, page 35-36. Chapter 2: 6, 8,and 10,   page 61. These are due by Monday in the Discussion Board. Please have your responses to the questions submitted to the Discussion Board by DAY 5 Monday. This will give everyone the opportunity to discuss them before the end of Seminar 1. >> View/Complete Assignment: Week 1 Discussion Questions ItemWeek 1 Case Study Paper Chapter 2 Case Study Read the Case Study Home Style Cookies, found in Chapter 2, page 64-65. Then, respond to questions 2, 3, 6, and 7. Be sure to answer each of the questions posed (even if there are questions within questions).   Please send this  case study  via  the Assignments Link.   This assignment is due on Day 6 Tuesday. >> View/Complete Assignment: Week 1 Case Study Paper ItemWeek 1 Lessons Learned Weekly Summary Please submit your Weekly Lessons Learned via the Assignments Link. Due no sooner than Tuesday and no later than Wednesday. >> View/Complete Assignment: Week 1 Lessons Learned ItemWeek 1 Particiption Please do not post anything here.   I will post your points earned for participation this week.   Please refer to the course Syllabus for information on how participation points are earned.

Humorous Wedding Speech †Best Man :: Wedding Toasts Roasts Speeches

Humorous Wedding Speech – Best Man Good evening Ladies and Gentlemen - I would like to start by thanking Steve for saying such nice things about me during his speech, though I must admit, I did deserve them. I mean, where would a bridegroom be without his best man? The friend at hand when he couldn’t find the rings. The reassuring voice in his ear when it looked like it might rain. And the chaperone who persuaded him to leave the strip club last night. Actually, I believe it was this morning! I think we all agree that Linda looks fantastic today, a number one hit if ever there was one. And Steve’s looking a bit like a chart-topper himself in that suit – although I’m not sure from which year. As for the bridesmaids, they look wonderful, and have performed their duties splendidly. It can't have been easy dragging Linda to the church – it certainly wasn't easy dragging Steve. We have now reached that pivotal moment in the speech where I am meant – in good taste – to put the groom down. However, when the subject of my speech cropped up during the meal, and my obligation to discuss Steve, Linda made me promise that I restrict myself to speaking only of the good things about her husband. Because a one-minute speech would seem ridiculous, I’ve decided to change course completely. And tell you about how we came to be sitting here today. Steve and Linda met five years ago in a very, very romantic location - the Hippodrome nightclub in Exeter. This place was renowned for being the hangout of drunken wide boys and white stiletto girls, so it was pure coincidence that they met on that fateful night. Steve had nearly given up hope of ever pulling a girl when he caught a glimpse of Linda across a crowded dance floor. I can see now, lying there. She smiled and shouted hello but the music swallowed her voice before it could reach him. He untucked his jeans from his florescent socks and casually strolled over to her as she slid through the crowd to meet him. With their arms wrapped tightly around each other, the two danced into the night, igniting a passion that threatened to engulf them both. When the music stopped, the legendary silver tongue – legendary in the sense that it only exists in Steve’s imagination – took over: ‘Are you lost, love?

The Advantages of Starting Your Own Business

The advantages of starting your own business Many people dream of owning a business and see it as a way to control their own destiny. Starting a business is an exciting thing that offers many benefits. However, you should also analyze what it takes to run a successful business or how much it costs to start up. Although, having your own business is still more beneficial since you can do what you enjoy doing, you can manage your work schedule and last of all you can earn a higher salary from your own business.Owning a business gives you the opportunity to work in a field you enjoy. Workings in an area you are passionate about helps you better handle responsibilities in your business. Owning your own business allows you to create and contribute, which gives your personal satisfaction. Most entrepreneurs working in a field they enjoy also bring in their expertise, which allows them to offer innovative products and services to customers. The second aspect is independence. Entrepreneurship gives you the control over your own business.If you operate a project, you can make the final management decisions regarding your company. Owning a business gives you the power to control whole business. You can participate in every step of the decision-making process. Moreover you can manage your time and adjust your work schedule. For instance, if you have to do something else during the work hours, you can leave and re-schedule your obligations for some other day or after 5 pm. When you work for an employer, you know your annual salary and little opportunity is available to earn more money on your job.Starting your own business gives you the potential to earn a high salary. Productivity, pricing and marketing plans are all in your hand, and the income you earn relates to those activities. Although earning a high salary is not a guarantee forever. However, if it becomes successful, the rewards will be much greater than work for a company. However, there are also disadvantages whe n you have your own business. One is having the risk of losing not just your money, but also the time and energy you put up if the business does not work out.Another is the overwhelming feeling, in the beginning, of learning several things to start and run the business. And since the business is yours, you are the one take responsible for everything about it. In consequently, starting a business can be scary. But great rewards await entrepreneurs who are lucky enough to create successful businesses not only you can earn earn more salary and become self-independent but also you reward your own life. Although only you can decide if you are ready to create something, here are some of the rewards of going out on your own.

The Monsoon Seasons Effects In India Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2510 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Monsoon season has a direct impact on agricultural sector, which has an impact on industrial sector as well, particularly for FMCG companies which depends on agricultural and rural market. It also causes shortage of water supply for production of power and electricity. Electricity shortage has a strong effect on almost all sectors, which also causes delay in productions or increase in costing of products. Don’t waste time! Our writers will create an original "The Monsoon Seasons Effects In India Finance Essay" essay for you Create order Globalization of Indian economy has changed the landscape of Indian business by increasing the number of alternative products in the market. One among them is Derivatives market. Trading in derivatives has been recently introduced in India. Derivatives are so sensitive that if they are in correct hands, they are wonderful vehicles and if not, they are very dangerous. Hence before trading, it is very essential for the traders to know about derivatives and their market. Weather derivatives are financial instruments that can be used by organizations or individuals to reduce risk associated with adverse or unexpected weather conditions. The difference from other derivatives is that the underlying asset (rain/temperature/snow) has no direct value to price the weather derivative. Weather exerts a great influence on businesses such as producing energy and agriculture. Weather Derivative still has not been introduced in the Indian Market. With the recent amendments to the Securities Contract Regulation Act, derivatives trading are allowed in commodities. It was banned till last year. But trading in weather derivatives is yet to receive a formal nod from the government. The bank is selling weather derivatives as an over-the-counter product to companies whose operations are significantly dependent on weather conditions. ABN-Amro Bank is exploring sales of weather derivatives and catastrophe bonds for the first time in the country. The bank is talking to companies in the beverage and cement sectors, to airlines and oil majors to get them interested in the product. Types of Weather Derivatives Various brokerage and trading firms customize the weather derivatives to the clients  needs. Only certain parties may be interested in trading a specific type of weather  commodity based on their business structure. Some of the common weather derivative  products include 1. Swaps Swaps are contracts where two parties agree to exchange their r isks. This will produce a  more stable cash flow when weather conditions are volatile. In simple terms one party  agrees to pay the other if the contracted index settles above a certain level while the other  agrees to pay if the index settles below that level. Swaps have no premium but provide protection from adverse weather in return for giving  up some of the upside of a favourable season.  2. Collars Collar is similar to swap in that protection against adverse weather is provided in return  for giving up some of the returns generated in favourable conditions. The difference is that  the payments to and from the parties takes place outside an upper and lower level. This  allows revenues to fluctuate within a normal range of weather conditions but protects  either party against extreme weather. 3. Puts (Floors) Put options or floors are contracts that compensate a buyer if a weather variable falls  bel ow a predetermined level. This type of protection involves a premium being paid  upfront. It provides protection against adverse weather whilst allowing profits to be  retained in a favourable period. For instance, a ski resort may buy a Put on the level of  snowfall over a skiing period. This would then compensate the resort if the level of  snowfall is low deterring a large number of skiers. If the level of snowfall is high, the  resort loses only the premium paid. 4. Calls (Caps) Call option or Caps are contracts that compensate a buyer if a weather variable falls  above a predetermined level. This type of protection also involves a premium being paid  upfront. It provides protection against adverse weather whilst allowing profits to be  retained in a favorable period. To illustrate, a commercial airfield might buy a call option  when the number of days that the average wind speed exceeds a certain level. This w ould compensate the airfield for the loss of revenue during days when they had to stop flying. Two of the non-standard weather contracts, which are gaining popularity, are: Compounds is a structure that provides the buyer with the option to purchase or sell a  weather contract on an agreed date in the future. This future date must be prior to the start  date of the underlying weather contract. This requires a premium payment. If the buyer  exercises the compound at the later date, a second premium payment would be required. It provides the buyer an option to cancel the purchase of the contract if he feels weather protection is not required.  Digital is a contract that has linear payouts. In other words it provides a fixed amount of  payout if a particular weather event occurs. If the event does not occur there is no payout,  only the premium stands lost. How is it different from insurance? Insurance contracts cover high r isk, low probability scenarios whereas weather  derivatives cover low risk, high probability scenarios. With weather derivatives the payout is designed to be in proportion to the  magnitude of the phenomenon whereas insurance pays a one off lump sum which  may or may not be proportional and hence lacks flexibility.   Insurance normally will payout if there has been damage or loss. Weather  derivatives require only that the index has passed on a certain point. Weather derivatives are index-based securities, which allow many players to  participate in the market. This increases liquidity. It is possible to monitor the performance of the hedged weather derivatives during  the life of the contract. Additional shorter term forecasting towards the end of the  contract might mean that one can remove himself from the weather derivative.  Because it is a traded security there will always be a price at which one can sell or buyback the contract. Indian Relevance In the Indian context weather futures would prove to be immensely beneficial, especially  to the agricultural sector, which is dependent on the vagaries of monsoon? This derivative  product would be an effective alternative to the crop insurance product, the premium for this, at around 18%, is seen as costly by the farming community. ABN AMRO Bank is exploring the sale of weather derivatives for the first time in the  country. Currently the bank is in talks with the cement and beverage sector. Airlines and  oil majors of the country have also shown interest in these securities. ICICI Lombard has  also come up with the sale of weather derivatives, its first client being Malana Power  Company for coverage of Rs.10 crore. The cover puts a floor on the uncertainties in the event that adequate rainfall is not available. With a wide scope for weather derivatives in India, a number o f trading firms are expected to offer customized weather derivative products and lot more industries are expected to be covered in this net. A farmers common complaint Everybody talks about  the weather, but nobody does anything about it will soon become a thing of the past with  weather. The knowledge of derivatives in itself is limited to certain segments of the society, leave alone the weather derivatives. In spite of the challenges, it is time the Government speeded up the process of launching weather derivatives in India too. Commodity trading The role of commodity futures markets becomes even more compelling with India moving toward greater trade liberalization, particularly in the context of agriculture, and getting further exposed to the volatilities of international trade and finance. Commodity futures is a market mechanism that is viable for risk management and price discovery, and such institutions can help bail out the economy from the vagaries of int ernational trade. Despite the realization of the need for commodity derivative trading in India and the subsequent resumption of trade in the new millennium, the statutes dictating derivative trading are old and outmoded. Derivative markets have been functioning under the Forward Contracts Regulation Act (FCRA). An amendment to the FCRA will usher in a new era in commodity derivative trading by expanding the scope and instruments of trading, and by strengthening the regulatory powers of the FMC. Among the changes proposed in the Bill, an important intervention is to bring about a change in the definition of commodities to facilitate trading in derivative contracts for intangibles like commodity indices, weather derivatives, etc. In an agrarian economy like India, where Fifty per cent of irrigation is rain-fed and monsoons determine rural demand patterns, fertilizer off take, agricultural commodity prices, water utilities, energy consumption and construction costs, Weather deri vatives can aptly be positioned as hedging instruments for farmers. These prospects in Weather risk management will also benefit the Utility and energy companies to protect their volume-related revenues against unnatural weather, Distributors of crude oil to make up for reduced business in the winter, Agricultural companies to minimise the uncertainty in revenue due to flood, freeze or drought and also Insurance companies to reduce their own exposure to weather-related claims.  In India, RaboBank and ABN Amro have been the first off the block to introduce weather derivatives help manage weather risk, which has now expanded to include end user industries such as beverage sales, agriculture, power generation, oil exploration, tourism, insurance , cold drink breweries, wind farms and sugar industries.  As a start (Jan 11, 2005), With all the necessary infrastructure to offer deliveries through dematerialized warehouse receipts by linking up with panchayats and anticipating a strong demand , NCDEX is in favour of launching this product. More demand can be generated by an amendment of the existing Securities Contract (Regulation) Act, where derivative trading is allowed in a commodity, which can be physically delivered. The phase I, whereby NCDEX will offer trading in futures of bullion and seven agri-products soybean, Soya oil, mustard seed and its oil; crude palm oil, RBD palmolein and cotton, is expected to attract many counterparts who would be more than willing to absorb the risk  The institutional segment of the capital market has not yet begun to use derivatives for risk hedging or for position taking in the way that such investors should. First, the development of derivatives has so far been excessively skewed toward derivatives used in the equity rather than debtor forex markets. Second, One the one side India have foreign and privately owned (new generation) domestic banks who run a (interest rate) derivative trading book but do not have the ability to set significant counter party credit limits on a large segment of corporate customers of PSBs. On the other side, are PSBs who have the ability to set significant counter party credit limits, but are unable or unwilling to write IRS or FRAs with them.  Regulatory conservatism and failure are inhibiting the emergence of more types of derivatives e.g. currency, interest-rate and credit derivatives as well as long-term tailored as well as traded swaps and swaptions. Without speculative counter-parties, financial markets would be illiquid, inefficient and ineffective in fulfilling their main purpose as resource mobilizing and allocating mechanisms. In financial markets it is speculators (or, in more neutral parlance, insurers, market-makers and options-writers) who enable efficient price-discovery in real-time and allow for efficient, continuous two-way, bid-ask market-making.  Measure of Weather derivative A degree-day (DD) has emerged as a common measure of temperature, and measures the deviation of a days average temperature from the reference. An HDD occurs when the average temperature is below the reference, and a CDD when the average temperature is above. The CME contracts are based on an index that measures the extent and frequency that the average temperature drops below 65 degrees Fahrenheit (the reference) cumulated monthly across the relevant city. The futures contracts pay $100 per each point movement in the index. Earth Satellite Corporation, an independent entity, calculates the HDD index ensuring transparency and independence in the benchmark. Weather derivatives are financial products that enable an organisation to offset the financial risk due to a weather variable. They emerged as an offshoot of insurance. Insurance is expensive and requires a demonstration of loss (of assets or of profits). While well suited to calamities and e xtreme weather events such as earthquakes and typhoons, insurance does not work well with the uncertainties in normal weather. Consider insuring the loss in revenues for an umbrella manufacturer if the monsoons are a month late, or of the air-conditioner company if they are a month early. Weather derivatives could easily be adapted for use within India using rainfall, which is a more important variable in our context, as a benchmark. A rain day (RD), defined as a 24-hour period during which precipitation was in excess of the reference (20 mm), and an index cumulating the number of RDs between June 1 and September 30 can be used to compute pay-off. Not everybodys exposure to monsoons is the same, and offsetting exposures of different entities will help in the emergence of a robust market. In the US, weather affects an estimated 20 per cent of the economy. In India, the figure would be higher. Fifty per cent of agriculture is based on rain-fed irrigation, and monsoons determi ne rural demand patterns. On a cursory glance, one can see that there are many industries besides agriculture that are directly impacted by rainfall. For example, fertiliser off take, agricultural commodity prices, water utilities, energy consumption, construction demand/costs, etc. The US weather market was driven primarily by energy producers and utilities, facing deregulation and competition and seeking to manage weather risks. However, its use is more genericfor protecting revenues when weather depresses demand or results in increased costs. And if the market is to develop or expand, there has to be demand from more diversified businesses like retail, manufacturing, and agriculture. Once end-users determine that weather too is a risk they would like to actively manage and hedge, there is unlikely to be a shortage of counterparts. Institutional investors looking for new asset classes not correlated with existing markets and banks offering integrated risk, the management wou ld be more than willing to absorb the risk. The pricing of weather derivatives is, of course, another issue. One cannot buy or sell the underlying, be it sunshine or rain. Positions have to be hedged with offsetting positions and one cannot create a risk-free portfolio by combining the derivative with its underlying (as done for other derivatives). Though Caps, Collars and other exotics in weather are offered, the closed-form solution of classical Black-Scholes option theory has no application. Weather contracts are based more on forecasting than on mathematical derivation; it is the meteorologist who holds the sway and not the mathematician. Information on past weather behaviour and an understanding of the dynamics of the environment is essential. Predictability of even large-scale weather systems beyond a week is difficult at best. Even though it is a nascent market and has not as yet extended beyond the US, almost 2,000 weather swaps (private, off-exchange contracts between individual entities) with an estimated value of close to $3 billion have been negotiated. India needs to take some lead from events in other markets. Can we start with simple but overdue (equity) index trading?