Operations Management is applicable to both goods and service industries Creation of goods and services is called production. Goods are physical products which can be touched, seen and consumed.Goods can be classified as Durable goods: which last minimum three years; non-perishable Non-durable goods: which last less than three years; perishable Service is an action carried …
What is the Competitive Advantage of Air Asia and how do they achieve that? Competitive Advantage of Air Asia, the famous budget airline in Asia is “Low Cost”. Air Asia is the leading and largest low cost carrier (LCC) in Asia. Air Asia is head-quartered near Kuala Lumpur, Malaysia. They are servicing a network covering …
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How to Stay Calm during Stay At Home in the Pandemic Time? Stay Calm, Stay Strong and Stay Home are three very important things to maintain your physical and mental health in this pandemic time. You all know that the whole world is fighting against the COVID 19 pandemic due to corona virus. Many …
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What is cost and the importance of cost in manufacturing? Before talking about different types of costs in manufacturing, we can quickly see what is manufacturing and what is cost. Manufacturing consists of activities and processes that convert raw materials to finished goods. Cost is defined as “An economic resource given up to accomplish a particular …
Supply Chain and Supply Chain Management What is Supply Chain? The business of supplying products to customers consists of a long chain of events. It starts with sourcing of raw materials and ends with delivery of products to a retailer or customer. This chain of events is called the supply chain. The …
Different types of inventories are used in different stages of production. That is: Before production During production After production Raw Materials Inventory (Before production) Inventory before production is called Raw Materials Inventory. These are inputs to manufacturing. For example, raw materials purchased but which are yet to enter production process. Sub-assemblies purchased and component …
Which Courses do you study in an Operations Management Program? Have you ever wondered what are the courses you study in an Operations Management program at a college or university? The following video gives you an idea about this. Operations Management is a vast field covering many topics. The courses covered in each college …
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What is Value Chain? Value Chain is a concept used in connection with Supply Chain Management.It considers the complete value of a product in an extended supply chain. Value chain considers all activities involved in creating a product or providing a service. For a goods manufacturer, value chain consists of the following activities: …
Inventory Inventory is asset held for future use. When there is an increase in customer demand for a product, it should be readily available. Inventory provides a buffer for this. Shortage of stock results in lost sales and less customer satisfaction. Similarly, if there is no or less demand and lot of inventory is in stock, …
