OM0010 - OPERATIONS MANAGEMENT

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DRIVE	SUMMER 2016
PROGRAM	MBA
SEMESTER	III
SUBJECT CODE & NAME	OM 0010 - OPERATIONS MANAGEMENT
BK ID	B1934
CERDIT	4
MARKS	60

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ASSIGNMENT

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

QUESTION1. Define the Concept of Operations Research. Also Explain its framework.

Anwer1. Operations research, or operational research in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions. Further, the term 'operational analysis' is used in the British (and some British Commonwealth) military, as an intrinsic part of capability development, management

QUESTION2. Explain the concept of forecasting. Also Elaborate the steps involved in the forecasting process.

Answer2. A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends. Forecasting starts with certain assumptions based on the management's experience, knowledge, and judgment. These estimates are projected into the coming months or years using one or more techniques such as Box-Jenkins models, Delphi method, exponential smoothing, moving averages, regression analysis, and trend projection. Since any error in the

QUESTION3. An organisation has three production centres P1, P2 and P3 that supply products to four warehouses W1, W2, W3 and W4. The monthly production capacities of the three production centres are 160, 150 and 190 units, respectively. The monthly demand of warehouses is 80, 90, 110 and 160 units, respectively. The transportation cost per unit (in rupees) is shown in following Table 

Discussion questions:

1. How many units should an organisation supply to warehouses so that the total transportation cost is minimised?

2. Calculate Total Transportation Cost

Answer3.

1. Here, total production capacities of three production centres = 160 + 150 + 190 = 500 units and total demand of warehouses = 80 + 90 + 110 + 160 = 440 units.

In order to minimise the total transportation cost, both should be equal. So organisation need to supply 500 – 440 = 60 units.

QUESTION4. Explain the following criterions that a decision maker may adopt under uncertain conditions. 

a. Maximax Criterion

Answer4a.In decision theory, the optimistic (aggressive) decision making rule under conditions of uncertainty. It states that the decision maker should select the course of action whose best (maximum) gain is

b. Maximin Criterion

Answer4b.It is a strategy which maximizes the minimum gain (or minimizes the maximum loss). A risk adverse manager using this rule will select the option with the largest payoff based on the assumption that the

c. Minimax Regret Criterion

Answer4c.It is a strategy which seeks to minimize the maximum possible regret ie opportunity cost that will be incurred as a result of having made the wrong decision (e.g. contribution/profit/cost savings forgone). The

d. Realism Criterion

Answer4d.The Criterion of Realism decision rule is an attempt to make a tradeoff between complete risk indifference (as in the Maximax rule), and total risk aversion (as in the Maximin rule). With this procedure, the decision maker will decisde how much emphasis to put on each extreme. Tod do this, he must choose a Coefficient of Realism, called alpha (α), which is a decimal number between 0 and 1.

e. Insufficient Reason Criterion

Answer4e.A principle that was first enunciated by Jakob Bernoulli which states that if we are ignorant of the ways an event can occur (and therefore have no reason to believe that one way will occur preferentially compared to another), the event will occur equally likely in any way. Keynes (1921, pp. 52-53) referred to the principle as the principle of indifference, formulating it as "if there is no known reason for

.

QUESTION5. Solve the assignment problem shown in the following table:

Also determine the total assignment cost.

Answer5.

Let us solve the assignment problem:

Step 1: We have to get at least one zero in each row and each column. For that we need to take lowest element of each individual row and subtract that from every element of that row and follow the same

QUESTION6. Elaborate the replacement of equipment that deteriorates with time. What are the limitations of replacement models?

Answer6.

If any equipment or machine is used for a long period of time, due to wear and tear, the item tends toworsen. A remedial action to bring the item or equipment to the original level is desired. Then the need forreplacement becomes necessary. This need may be caused by a loss of efficiency in a situation leading toeconomic decline. By efflux of time the parts of an item are being worn out and the cost of maintenance andoperation is bound to

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