Business Question

Overview

Submit a minimum 5 page typed paper (not including the cover page or reference page)

Please denote each task in the paper as you answer the questions. Example:

Task 1: Answer

Task 2 : Answer

Task 3: Answer

**Please make sure to submit complete descriptions/answers for each task. One sentence submissions will not be accepted, I am looking for an understanding of each topic (task) not a definition.

Task 1:

Explain

What is the Economic Order Quantity (EOQ) and how does it work?

Include the formula for finding EOQ and give an example of a product that you need to order.

How is Productivity determined in Operations and what is the Operation Strategy?

Task 2:

Discuss the strategic management process for Production and Operation in a business.

How do we utilize Competition Analysis in Operations and Production?

The next step would be Goal Setting, how does that work?

The next step is Strategy Formulation, explain how you will break down the organizational goals into operations and production strategies.

The final step is Implementation, how do you intend to convert operations and production strategies into day to day activities (production schedule, product design, quality management, etc.)

Discuss the five major measurement and analysis of individual-level productivity

1. Define productivity (direct behavior, the common expectation of the task)

2. Monitoring Performance and feedback

3. Diagnosing problems, (identifying crises, corrective actions, etc.)

4. How to facilitate planning and control (costs, time, output rate, resource usage, pricing, scheduling etc)

5. How you intend to support innovation.

Task 3:

Discuss Waste management in production

Defective products

Idle manpower

Idle machinery/equipment etc.

Discuss how you will utilize the two essential parts of productivity Labor and Capital.