Q1: Briefly explain the following terms.
a) MOS: It stands for the management operating system which refers to a set of tools and techniques which is used for managing people and processes in the business context to deliver expected results and outcome (Zhang et al, 2019).
b) AOP: It stands for annual operation planning which consists of operating activities performed by the business which is based on sales budget and help the company to develop strategies to achieve expected outcomes. It also forecasts expenditure on research activities during the financial year and helps the management to predict monthly sales (Zhang et al, 2019).
c) BOM: Bills of material is considered as a formal and complete hierarchical document which consists of particular items in the inventory such as raw materials, assemblies, parts and components which are required for manufacturing a product.
d) MAPE: It stands for mean absolute percentage error, which is the average of absolute values of relative deviations and is measured of prediction accuracy based on time and cost of the project.
e) MRP: Material requirement planning is known as the production planning, scheduling and inventory controlling system which is mainly used for handling manufacturing activities. Most of the MRP systems are based on software, but can also be conducted by.
Q 2. In AOP, briefly explain the various Alternatives for managing Demand and Supply?
Some of the main alternatives for managing demand and supply in annual operation planning include Oracle SCM cloud, SAP integrated business planning, Demand solutions, etc. Apart from that, sales and operation planning is the most effective alternative for managing demand and supply in the business because it is an integrated business management technique which functions in all the sections of manufacturing department.
Considering organized retail mall, prepare a hypothetical case study with appropriate strategy for inventory management with suitable examples and proper justification. Assume rest of the details for the purpose of this assignment.
For any project, the management of the business organisation needs to make an appropriate inventory management strategy which would allow them to easily handle their specific items. For example, in a shoe manufacturing company, it is necessary for the management to take care of all the raw material and tools by placing them in the inventory efficiently. In order to make sure that the raw materials and other components are handled properly which reduces spoilage and wastage, it is necessary to use different strategies such as automation of inventory management, using Data Analytics Tools and techniques and utilising inventory Optimisation software. In this particular case of shoe manufacturing company, it would be most efficient for them to use inventory Optimisation tools such as spreadsheets Technology, barcode Scanning System, advanced radiofrequency system, etc which will allow them to handle their inventories with efficiency and accuracy, leading to reduced wastage and affective forecasting of sales and demand.
Students are required to study any typical operation, process, industry etc and identify the different types of wastes.
There are different types of waste in numerous industries such as construction industry. It is necessary to understand different types of waste in the construction work because it will enable the contractor to reduce material wastage and achieve better profit and revenue (Bozarth et al, 2019). Some of the type of waste in the construction industry are as below:
Concrete, tiles, and ceramics: This consists of hazardous and non-hazardous waste, which mainly generates from construction activities.
Wood, plastic and glass: Another hazards and non-hazardous waste which generates from the production of doors and windows, bathrooms, etc.
Metallic waste: This includes electrical wires, cables made from copper, lead, steel, tin, bronze, etc during the development of house and apartment (Hitt et al, 2017)
Other major types of waste generated in the construction site soil, stone and dredging spoil, gypsum, insulation, cement, paint and varnishes, adhesives and sealants.
Prepare a detailed strategic map for the project “METRO” for students. Consider preparation of SWOT, financial budget, activity scheduling and implementation strategy. Use Pune to Wadki as a hypothetical
Extremely busy route
High road traffic on Mumbai highway
People will prefer Metro route due to the short time
Highly expensive project
It will take a lot of time to be completed (Wan et al, 2017)
Most of the people working in Pune already have room in the City.
Management can extend Metro route to different areas around Pune
High revenue can be generated from new Metro lines (Copacino, 2019)
Development of new Express Highway from Mumbai to Pune can reduce the revenue of metro route (Talaei-Khoei, 2019)
People will likely to prefer Road due to short distance of 19KM
People may also prefer cab facility for the route (Hitt et al, 2017)
If the travel agency begin to receive requests at the rate of 8 per hour, it is necessary for the agency to have at least 8 Consultants to manage all the requests. And therefore, the current team of only five Consultants will not be able to manage the requests mainly because it takes around 22 minutes to serve the client and with one hour of lunch break along with 10% absenteeism, it is not possible for only 5 consultants to fully understand the requirements of the client and serve them (Wan et al, 2017). There is also an issue related to fulfilling the request of the client because it is possible that some of the clients can take up to 35-45 minutes.
If the company wants to handle hundred requests per day without changing their current operations condition and reducing the lunch break to 30 minutes along with increasing the working hour by 1 hour, the current number of travel consultants will find it extremely hard to even need the target utilisation of 80%. However, if the travel consultant number has been increased to 8, they will be able to manage the operations and requests fluently because if one travel consultant will be able to serve around 18 requests per day based on the average of per client requirement, then 8 travel consultants will easily be able to meet the requirements of hundred request per day (Hitt et al, 2017). This is because their total Optimisation will be around 140 and with 80% target utilisation, they can easily manage 100-105 requests per day.
1. Carry out an ETOP & SAP for the Bharati-Wal-Mart joint venture.
2. Do you think Wal-Mart will succeed in India? Why or Why not?
I do not think Walmart succeed in India, because even though Walmart is considered one of the most popular and successful retail store in the world but when it comes to India there are already numerous retail chain organisations, who are providing satisfactory and affordable products to the people and the company might find it difficult to attract customers who are already loyal to other such as Big Bazaar, Max and Reliance Trends. Apart from that, the products and services offered by Walmart in other countries are affordable, when compared with India, it is much expensive. Similarly, the current offers and discounts provided by Indian retail shops will not allow Walmart to earn expected revenue and profit margin in the market and therefore, they will have to shut down their business sooner or later.
Q.1- Download financial statements of any company and measure its financial performance using, RoI, RA, RI. Also, indicate the suitability of non-financial performance measure for not-profit organization.
Tata motors is an Indian automobile company who is one of the most popular and prominent vehicle manufacturing company in India. the return of investment of Tata motors according to their annual report 2017 is 19.3% with revenue account of -9.825 and residual income of 5%. this shows definition financial performance of the company because as compared to previous years,the company is missing the huge decline in return on investment and residual income. On the other hand, Meer foundation is a non-profit organisationwho is receiving sufficient donations to perform their activities.
1. How important is the role of Government in promoting Entrepreneurship? Support your answer with an example.
Government has a very important role to play in encouraging entrepreneurship because in any country, entrepreneurship contributes greatly to the GDP and government knows the fact that if entrepreneurs are provided with better opportunities to perform their business activities, they will ultimately create more jobs, improve economic conditions of the country and enhance lifestyle of people. Another reason why government tends to promote entrepreneurship is that it doesn't require extensive investment to become successful unlike large scale organizations. The success rate of entrepreneurship is much higher and offer high chances of generating better return on investment. Overall, entrepreneurship is the key to improve economic condition of the country as it creates jobs, increase output, require decreasing investment, and thus, government all over the world support entrepreneurship. For instance, in india, government doesn't put heavy taxes on entrepreneurship ventures which has increased the number of SMEs in the country. Furthermore, they also provide easy loans to the people who are looking to invest in entrepreneurship ventures.
2. What do you understand by the MSME policy and also explain which type of agencies are formulating these policies.
Micro small and medium-sized enterprises policy refers to the policy which comes under MSMED act 2006 in India which is designed to provide necessary support to the the small and medium-sized organisations in India and encourage them to perform their business fluently and effectively. According to this policy, micro organisations will receive funding upto 10 lakh rupee by the government of India and small scale organisation will receive anywhere between 10 lakh to 2 crore to help them survive. similarly any medium organisation in India will be provided with sufficient investment of around 2 crore to 5 crore rupees to help them sustain in the market. MSME policy is mainly designed to help small and medium sized industries in India improve the economy of the country because they are the backbone of any economy. This policy is mainly implemented by micro, small and medium sized industries in order to get necessary support and encouragement to improve their performance and productivity.
3. Describe the concept of venture capital with specific reference to the entrepreneur.
Venture capital refers to the kind of monetary support provided to the new for growing organisation which may arise from venture capital companies who are expert in high risk financial portfolios. Venture capitalist provide funding to the new company in exchange for equity shares in the firm. When it comes to entrepreneurship,when venture capital plays a very crucial role because given to a person have a specific idea about a business, it is always a hindrance for them to manage the fundings to run the business.and this is where venture capitalist comes in the play who provide the funds for the entrepreneurs to operate their new business and in return receives sufficient equity shares in the business.
Copacino, W. C. (2019). Supply chain management: The basics and beyond. Routledge.
Bozarth, C. C., & Handfield, R. B. (2019). Operations and supply chain management. Strategies, 21, 22.
Zhang, C., Gao, W., Yang, T., & Guo, S. (2019). Opportunistic maintenance strategy for wind turbines considering weather conditions and spare parts inventory management. Renewable energy, 133, 703-711.
Wan, S., Li, D., Gao, J., Roy, R., & Tong, Y. (2017). Process and knowledge management in a collaborative maintenance planning system for high value machine tools. Computers in Industry, 84, 14-24.
Talaei-Khoei, A. (2019). Blockchain in Supply Chain Management: Australian Manufacturer Case Study. Service Research and Innovation, 93.
Dubey, R., Gunasekaran, A., Childe, S. J., Wamba, S. F., & Papadopoulos, T. (2016). The impact of big data on world-class sustainable manufacturing. The International Journal of Advanced Manufacturing Technology, 84(1-4), 631-645.
Hitt, M., & Duane Ireland, R. (2017). The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, 45-63.
Hill, T. (2017). Manufacturing strategy: the strategic management of the manufacturing function. Macmillan International Higher Education.
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Verdecho, M. J., Alfaro-Saiz, J. J., & Rodríguez-Rodríguez, R. (2019). Integrating business process interoperability into an inter-enterprise performance management system. In Enterprise Interoperability VIII (pp. 265-273). Springer, Cham.
Salamzadeh, A., & Kawamorita Kesim, H. (2015). Startup companies: Life cycle and challenges. In 4th International conference on employment, education and entrepreneurship (EEE), Belgrade, Serbia.
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