Concept of Production 2
Characterstics of production system are 3
Framework for analysing operations management within the institute and its support for business activities. 3
Key Performance Indicators (KPIs) and its relation to operation management 5
Concept of value chain as means of identifying and creating competitive advantage. 5
Strategic decision-making 6
Financial model 6
Optimisation models 6
Simulation models 7
Quantitative techniques in strategic decision making 7
Cash Budget 8
Contribution Margin 9
Unit Contribution Margin 10
Contribution Margin Ratio 10
I am presenting this report as part of recruitment process for an operations management position in a higher education institute. This report is aimed to help in applicant short listing for an interview.
We all know that operation is the function, system or design that converts the input into increased value output. So, operation management can be understood as design, operation and improvement of productive system through series of activities from supplier to consumer. Operation management is vital element in effective management of organization which leads to increased quality and productivity keeping the cost nominal. Our institute also houses a wide range of courses at different levels in business, management, sports science, dental and nursing etc. As well as trainings in catering, arts, hairdressing and beauty. Furthermore the various parts of our institute is open to general public that includes restaurant, sports gym, hair and beauty salon which are managed by institute but run by students. So we can see that our institute provides lots of services to the public and runs good business along with education. Hence it is very essential for us to know about the concept of production.
Concept of Production:
Production simply can be understood as the process of producing goods and services in efficient way...