Looking for answers. Thanks!How can we apply these operation management concepts to the current operations of a college, which has a major direct impact of the covid currently. What are the five recommended ways that a college can improve thier operations based on the concepts. The operation management concepts are attached below. Please blur the attached file when publishing to the public. Appreciate it. List, describe, and explain the 5 most important concepts that you learned in Operationmanagement: creating value along the supply chain 7 th edition. Each concept should be welldefined, and it should be clear why you thỉnk it is one of the most significant concepts in this course.Operations Management is mainly concerned with planning, organizing and supervising in the contexts ofproduction, manufacturing or the provision of services.Supply chainThe network that is established between a business organization and its raw material providers and thesuppliers for producing goods and for distributing it to the buyers/customers are termed as a supply chain.Many different kinds of activities, entities, people, resources, and information (including producers,warehouses, vendors, transportation companies, distribution centers, retailers, data, and informationregarding the activities, software for data processing including ERPS and others) are involved in thesupply chain. The concept of a supply chain may also relate to the steps that a company would be requiredto take to transform the raw materials into final products and to make them available to the customers. Asupply chain is essential for procuring supplies that are needed to produce a good, and it also provides forbenefits like competitiveness, optimal production rates, and cost-effectiveness when well managed.Basic business organization functionMany people see finance as the basic function of a business organization as a business cannot functionwithout monies and capital. Finance may play the primary role in all areas including production. Othersfind operations management to be the basic functions as it involves techniques for transforming the rawmaterials and supplies into products/services that the customers need and would buy for a price. However,all the functions of a business are interrelated, and the sum or whole is much larger and important than theindividual functions standing alone. For instance, marketing is crucial for generating sales, and without itthere would be no revenue to complete the cycle and to continue production. Human resourcemanagement is important or acquiring the right people and talent, which will ensure the success of abusiness in a competitive business arena. Operations management is important for delivering the rightquality while ensuring cost-effectiveness. Financial management is needed to ensure that the most valueis obtained for the money spent and to allocate capital effectively for achieving maximum gains.Businesses exist to provide goods and services to the end buyers on a commercial basis, and the differentfunctions and departments help it achieve its goals of profitability and sustainability.The transformation processesThe management of all processes through which raw materials (inputs, that can be capital, labor, land,equipment, materials, buildings, and information) provided by the suppliers are transformed to take theshape of a business offering (service or product) that can provide value to the end buyers and customers istermed as operations management. The end goal is to maximize the efficiency and produce offerings thatcan effectively meet customer needs and aspirations and even excel them, at the least costs. Decisions inthis area may also be strategic and have long term implications. They often require resource commitmentsof higher magnitude and involve huge expenses. Good operational management decisions will turn thetransformation process to be more affordable and will help in creating quality, value, and appeal for theend customer, and ensure that the product is functional. A transformation may be in areas like:- change in the physical characteristics of materials/customers- change in the location of materials/customers/information- change in ownership of materials/information- accommodation/storage of information/materials/customers- change in the form/purpose of information- change in physiological/psychological state of the customers Inventory Management and JIT (just in time)Inventory management is a very important concept in every organisation because it is helpful inproper and smooth functioning of organisation without any problem.Inventory management is the backbone of supply chain management as it is proper andsystematic control over inventory which enables the smooth supply process to other departmentswithin the organization.Just in Time is a process which creates the movement of the inventory to the production house atthe required time that is just before the time the inventory is required in the production process.Thus, it helps to reduce the flow times within the production and the response time fromsuppliers to the customers. Thus, the process works on the model where the items aremanufactured just to meet the customer demand and not holding any surplus item inventory thusreducing the holding cost and minimising the wastage.Advantages of JIT• The high rate of inventory turnover helps to maintain minimum inventory obsolesce andless wastage.• The high rate of inventory turnover which aims to minimise the inventory level results inminimising the inventory holding cost, thus lower warehouse cost• Less chances of inventory damage due to less inventory held in the company storage andthus immune to store-related accident.LogisticsThe purpose of logistics management is to plan and coordinate all those activities necessary toachieve desired levels of delivered service and quality at lowest possible cost.Logistics is termed as an activity which manages the flow of goods or material from one point toother. It could be from the purpose of root to the end point or the purpose of utilization. Thefundamental point of the coordination's is to incorporate distinctive exercises which requiredevelopment. Say for instance, there is an assembling firm which fabricates paper sheets. Theraw material for manufacturing the paper board comes from outside (assuming that the firm takesraw material from a vendor). This raw material goes into the factory for manufacturing process.After manufacturing, the board goes to WIP, where the defective boards are removed. Afterchecking, the manufactured lot goes to packaging and after packaging the lot, it goes directly tothe shipping area and it is shipped to the customer. There is a great deal of development in thisentire exercise. This development of material starting with one point then onto the next is donethrough coordination's. On the off chance that the material is moved inside and developmentshappen inside, it is called inbound coordination's. If the material is moved outside, then it isoutbound logistics.

Operations management does exist in the Service industry as well. The education sector is not an…

Answered: How can we apply these operation…

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...