FINAL OPS

What is Linear Programming?

What is Linear Programming?

A mathematical optimization technique used to find the best outcome in a mathematical model w/ linear relationships

Linear programming/model guarantees the

optimal/best solution to the mathematical (linear) model formulated.

The presence of restrictions or constraints, limits…

the degree to which we can pursue our ojective

Project management is crucial as it provides…

structured approach to achieving organizational goals

Project Management

The application of knowledge, skills, tools and techniques to project activities to meet the project requirements

What are the 3 phases of project management?

Planning, Scheduling, Controlling

Work Breakdown structures (WBS)

A project broken down into smaller, manageable pieces

PERT (Program Evaluation Review Technique)

A method of analyzing a project’s tasks, focusing on the time needed to complete each task

Critical Path Method

Scheduling technique to map the sequence of scheduled activities that determines the duration of the project (critical path)

Capacity

The throughput, or the number of units a facility can hold, receive, store, or produce in a period of time

Design Capacity

The maximum theoretical output of a system

Effective capacity

The capacity a firm expects to achieve given current operating constraints

Bottleneck is a

limiting factor or constraint

The capacity is the # of units,,

produced per sec/min/hour/day/week

Break-Even analysis is the technique for

evaluating process and equipment alternatives

Break-Even analysis is understanding how profits and losses

change for each option as the total # of units varies

pply-Chain Management

The objective of supply chain management is to structure the supply chain to maximize its competitive advantage and benefits to the ultimate consumer

For Supply chain risk, fewer suppliers increases

dependence

Supply chain risks

Vendor reliability and quality risks, political and currency risks

Three Functions of MRP

• Order Plan and COntrol

• Priority Plan and control

• Provision of a basis for planning capacity requirements and development of broad business plans

BOM structure Tree

• Items above given level are called parents

• Items below given level are called components or children

Aggregate Planning

A process used by companies to manage the overall capacity and demand for their products or services over a specific period.

Aggregate planning strategies

Level Scheduling and Chase strategy and mixed/hybrid

the 5 Aggregate Planning Capacity Options.

• Hiring and Firing: Adjust workforce size.

• Overtime and Slack Time: Change working hours.

• Subcontracting: Outsource extra work.

• Using Inventories: Build up or draw down stock.

• Part-Time Workers: Hire temporary staff.