Production And Operations Management: A Present Scenario Essay Example

or service. It is (in)directly related with plant location.

The base for production and operations management lies with this only.

Forecasting techniques: Forecasting is judging in advance the outcome. Be it in regard to demand or in regard to any other thing. POM describes forecasting techniques as:

• Moving average method
• Exponential smoothing
• Regression analysis
• Correlation analysis

Delphi Technique

Location analysis: It is concerned with selecting the best location out of the various options available. Selecting a plant site plays a important role for the success of the plant.

• Various techniques like
• Dimensional analysis
• Brown and Gibson model
• Factor rating method

Break Even Analysis

• Operation strategy: Operation strategy is concerned with setting up broad policies and plans for using the resources of the firm to best support the firm's long term competitive strategy.
• Product design and development: Various product development and design techniques have been introduced . Standardization, simplification, specialization and diversification named as few.
• Inventory management: Management of inventory of the organization is inventory management.

EOQ model and reorder level are used in present scenario. These concepts have given a different view to look at various sections of the organization. thus "Production and Operations management" gives the answer to following questions Where to locate the plant? How to select the best one? What is capacity? How much to produce? How a product will develop? And Many other questions. And that is the only reason because of which quite a good number of associations

have been formed in this regard who conducts seminars, presentation to give more importance and awareness to this subject called PRODUCTION AND OEPRATIONS MANAGEMENT.