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Read the article “Advancing Theory in Entrepreneurship from the Lens of Operations Management”  by Phillip Phan & Chester Chambers (see attached) and answer the following question:


(a)Explain how Operations Management (OM) research can complement Entrepreneurship theory.

(b)Conduct a literature review on Operational Entrepreneurship.

(a)Watch the video “Operation Management - Frito Lay Operations Management”.  https://www.youtube.com/watch?v=Jafda00jGg4

Write a reflective journal on what you understand about Operations Management and how it relates to you.


(b)Based on your own understanding,  Define Operations Management.

OM research and entrepreneurship theory

The different aspects of the operations management are able to compliment the entrepreneurship theory by enhancing the linkages between the topics. To formulate the connection between the two fields of research it has been depicted that from the definition of the entrepreneur the OM research has caused curriculum designers and educators to question the usefulness in general business degrees. In the recent years there has been several evidences which has focused on the topics which are particularly relevant to the areas of the depiction of the various types of the factors related to the aiding the entrepreneur. Moreover, OM is able to focus on the several types of the topics which are seen to be relevant to the depict the topics of entrepreneurship in the management science. In similar way there are significant nature of the research which can be easily classified with the existence of the entrepreneurship like self-employment, risk taking and nature of the start-ups. There has been significant nature of the research topics which may be easily classified in form of the entrepreneurial activities in high level. The OM research may be depicted in terms of the research which may be depicted with the different streams of the research which may be depicted with the various examples and elements of the entrepreneur and the scholars which can take the ideas of the OM and integrate the same with the building efforts. For instance, it can be seen that POM is depicted to contain a significant instance of the references which links to the references of the entrepreneurship with the innovation aspect (Kolisch, Brunner, & Larsen, 2016).

The development of the entrepreneurship theory is further seen to be define the significant nature of the theories which are seen to link the different types of the studies as per the literature on product development. Both the concepts of the OM and the entrepreneurship is seen to link the theories of the stylized models which leads to the implementation and link with the new technology. It needs to be also discerned that there have been several types of the factors which are considered with the systems approach as per the equilibrium present a formal way to search for the opportunities. In general, the entrepreneurship theory for understanding the dynamics of the emergence is considered to be sluggish in nature. There have been several types several types of the entrepreneurship theory which understands the emergence of the have been slow in nature. In the more recent attempts which explains the process of emergence using the complexity theory. In general, there are several types of the process of the process models which are linked to the interactions with the encroachment including the interactions among the market dynamics and product attributes. The practical standpoint of the multifactor predictive model is seen to be useful for the entrepreneur who are discerned to be creating an opportunity rather than working on a process model to simplify the elucidating phenomenon (Management Services, 2014).

Operational Entrepreneurship

There are several types of the aspects of the OM theory which explains the speciality medical centre focus on the various types of the process of the operations which are needed for the variability in the in the service delivery factors. Some of the different types of the scope of the remaining strategies of the internal process is seen with the philosophical linkage among the Entrepreneurship and OM research. In terms of framing of the connections there are different nature of the survey topics conducted. The new business undertakings are confronted in terms of the sources of uncertainty which may not be defined as per the different types of the theories which are seen to be related to the dealing with the OM analysis of the problems useful to the entrepreneur. There is significant nature of the other evidences which have been able to show about the single uncertain variable which typically seen to be known with the unknown parameters. The progression of the computing power has been considered with the large number of the understanding of the impacts. These tools are considered to include both Monte Carlo simulation and discrete event simulation (Systems, & Management, 2015). A majority of the position of the simulation is seen to assist the development of the theory. The art of using the simulation for handling the complex decisions in the business are considered to be useful in development of the theory. The application of the OM is seen to be based on the flexibility aspect as per the flexibility, builds and agility factor. It needs to be also understood that the approach of the decision maker faces significant nature of the issues pertaining to the uncertain and evolving environment. The system of proxy is understood with the new information and anticipation of the future movements. There ae several types of the other models which involve the single uncertain variable especially when the entrepreneur is operating in the environment with considerable instance of unknown partners. In terms of the teaching the OM to entrepreneurs the material shared in the classroom is often identified to allow the students to conclude that the problem of OM is able to solve various types of the issues. The main need for the US based firms in this context is seen with the ability to compete with the low-cost strategy (Sgarbossa & De Leeuw, 2015).

The overall variability is considered with the understanding of the operational facets which are seen to be successful with the firms to harvest ground breaking ideas and identify the opportunities.  The main form of the drawback of the optimization of the operational aspects and the entrepreneurship is seen to be based on the flexibility aspect as per the flexibility, builds and agility factor. It needs to be also understood that the approach of the decision maker faces significant nature of the issues pertaining to the uncertain and evolving environment. The main plethora is seen to be based on the understanding of the holistic experiments which is seen with  test of the variables and the interactions with the pilot projects which are similar in terms of the  similarity in the operational and the entrepreneurial concepts (Institute of Management Sciences, 2016).

Importance of integrating OM and entrepreneurship knowledge

The conceptualization of the operational entrepreneurship deals with the transformation process which is seen to be considered with evaluation and exploiting the opportunities for the potential value creation which is required for offering various examples of research opportunities as per the interface of the entrepreneurship and operations management. The specific aspects of the operations management need to be taken with the knowledge and motivation which is required for the recognition of the different forms of the opportunity recognition. The evaluation for the recognised opportunity is determined with the representation of the opportunity for the specific entrepreneur. The last aspect for this is seen to be in related to the taking the feedback for the exploitation of the current opportunities required for the recognition and evaluation of the subsequent opportunities (Journal, Operations, & Management, 2016).

It needs to be understood that explanation of the entrepreneurship is seen with the lack of consensus which is concerned with the universal definition of the term entrepreneurship. For instance, in the recent time it needs to be seen that the focus on the entrepreneurship issue is observed with the considering the issue of management science. Several researchers have included the concepts such as self-employment, risk taking and high-tech start-ups. Due to this several research topics are classified as entrepreneurship. Moreover, the research topics are related to focusing on the relevant areas of entrepreneurial activity which occurs at high level. The OM research is depicted to be focused on the topics which are particularly relevant to the areas pertaining to the such streams of research where the scholar is able to determine the ideas in the OM for their building efforts. For instance, the POM is seen to consists of limited nature of the direct reference to the entrepreneurship (Slack, Brandon-Jones, & Johnston, 2016).

The Operational Entrepreneurship in general consists of the different elements such as Entrepreneurship vs. Traceability and teaching OM to the Entrepreneurship. Some of the different types of the other topics associated to the literature review are related to the philosophical connections among the OM research and Entrepreneurship. These components are depicted to include the different types of the topics such as singular known over a single period, singular known unknowns over multiple periods, multiple unknowns and finding the unknown unknowns.

Entrepreneurship vs. Traceability aspect is depicted in consideration with the distinct stems for the prediction for the OM research to focus on the systems which are mathematically modelled in elegant ways while there are various types of the other problems which are seen to be forefront with the entrepreneurial experience. The recent review of literature on the topic innovation is depicted with innovation, product development and entrepreneurship as shown in the journal management science which has included several studies as per the mathematically modelling of the systems for large data analysis. The main form of the focus on such a stylized model is seen with the consideration of the leading in the several types of the factors which are related to be focusing on the stylized models which leads to the OM research assuming the various types of the system equilibrium which is desired to be steady as per the entrepreneurial mechanism.  

Definition of Operations Management

The main form of the concept for teaching OM to the Entrepreneurship is seen to create the specific links among the topics and time taken to convey the information. The increasing narrow nature of the mathematically esoteric focus for the OM has been seen to be causing several natures of problems for the curriculum designers and educators to question the general business degrees. In the recent years, the literature review pertaining to the Operational Entrepreneurship is seen to be based on the evidence taken from the 7 or 8-week modules. Despite of this the main importance of the operational efficiency for the operational efficiency related to the proper functioning of the business is seen with increasing degrees of global competition. This is meant for the scope of the including the international outsourcing, supply chain management and operational strategy. The main form of the practical implications under this is seen to be associated to be linked to the rapidly evolving portfolio for the real options.  The practical implications taken into account with the Shouldice Hospitals Ltd shows how the OM case study is able to explain the speciality medical centre which is focused on the hernia operations and factory approach. This can reduce the different nature of the variability in the service delivery system (Slack, Chambers, & Johnston, 2016).

In general, the hospitals have focused on middle-aged, male patients are seen with the considered with the OM topics narrowily focused with the OM research which is caused as per the curriculum designers and educators for questioning the usefulness in the general business degrees. In the recent times, the OM courses in the different types of the business schools is seen to be cut form the long year requirement. Despite of such measures the importance of the operational efficiency to the proper functioning of the business is seen to be facing the increasing degrees of the global competition which is meant in terms of explaining the factors for the international outsourcing, operations strategy and SCM. The important nature of the take away of the introductory sessions from the OM is considered with the variability is not favoured. This is seen to increase the cost of the business, organizational complexity and create managerial confusion. There are several types of the obvious elements which is seen with the over emphasis on students and managers to erroneous conclusion which the OM is not managing in the world of the entrepreneur. The main problems considered with mitigating the problematic aspects of the variability may be discerned to be stereotypes and aversion to the change (Thakur & Rao, 2014).

OM and individual experiences

It is evident that in general OM research is seen to conclude a different story. For instance, in the recent research the idea generation in a formal way is considered with the variability and changes in a formal and seen with the variability in the idea generation and quality of ideas which is often considered with variability among the quality of ideas. In several instances the variability in the quality of the ideas is seen to be better than average ideas. The increasing number of the pears on the rapid response is seen to be based on the real options, operational hedging in which the average business students are able to rarely get exposed (Slack, Brandon-Jones, Johnston, & Betts, 2015).  

In some of the different types of the revealing of the literature review the understanding of the operational facets of the successful firms is seen to be excellent place for the entrepreneurs for harvesting on the ground breaking ideas for the identification of the opportunities.

The philosophical connections among the OM research and entrepreneurship is framed with the business undertakings which are confronted with the several natures of uncertainties. The OM research has specified with the known unknowns. The entrepreneurs are able to confront the sources of the uncertainties which cannot be identified before the launch of a new product or venture. OM is seen to analyse the various levels of the problems which are also useful for the entrepreneurs.

The concepts under the singular known unknown for a single period is included with the plethora of the research in the OM, which deals with the characterization of the factors responsible for creating uncertainty. Despite of the fact management is not the response to the single factor, in several settings it is necessary for the entrepreneur for maintaining a focus on the main questions such as size of the market which are depicted to be critical for the entrepreneurs for recognizing the deal killers early in the process. This ensures that the realization of the main outcomes will be unattractive in nature. There is also significant nature of the recognitions which are related to the variable characteristic. The nuanced understanding of the operational facets is seen to be successful in terms of the firms as it is able to provide excellent place to the entrepreneurs for harvesting ground-breaking ideas and the same time identify other opportunities. The consideration of the classic OM study of the Dell computer is appropriate for explaining this. This example is able to able to introduce the basic element associated to the SCM. There are several types of the critics who hold the view which holds OM community using Dell as a teaching to convey various types of the ideas (Bhaumik, 2018).

There are several natures of the examples which is able to introduce to the leading ideas for the dot com boom which began before the boom. The main nature of the ideas related to the order fulfilment is depicted in form of the order fulfilment, inventory obsolescence. This is dome by eliminating the inventory holding and building the products from the collection of the vendors in the business models which emerged 5-10 years later. A similar example for the this is determined with Fed-Ex in which the order fulfilment giant is depicted with the time sensitive nature of the packaging delivery which are built on the point to point transport along with the same routes which point to point transport along with the same routes which is used by the rail passenger or airline. The operations management concepts are also seen to be included with the alternate hub and spoke model which may yield the various nature of the operational efficiencies among the recognition of the packages which does not complain about the distance covered among the receiver and sender. In addition to this, in 1976 the deregulation of the airline industry and subsequent communization of the air travel has prompted carriers like AirTran and Jet Blue to apply for similar model which would revolutionize the per passenger transport. Similarly, the ability for recognising the OM is seen to be a great place for the entrepreneurs to search for an opportunity. The main consideration of the drawback for the standard optimization has been seen to be based on various types of the factors which are seen to be related to the formal treatment of the type of problem which is required with robust optimization process. This approach of the process has been depicted to be considered with the several types of factors which is concerned with the decisions to maximize the expected value and identification of the decisions which results in positive yield (Wienclaw, 2017).  

The innovation aspect is seen to be critical for the component of entrepreneurship. For example, innovation is identified with the entrepreneurial orientation. It is seen that in the field of entrepreneurship and innovation there is less form of the interaction which taken place among the different types of the interaction, cross fertilization and co-production of knowledge along with the representation of the research opportunity. The research opportunity is also depicted with the introduction of the different types of the research constraints which are based on the depictions of the various types of the concepts like selection management and process of transformation which is required for the recognition and exploiting the opportunity. It needs to be also seen that the interface of the entrepreneurship is seen to be underutilized for a better opportunity along with knowledge and motivation for opportunity recognition (Tang et al., 2014).

It is also determined that the operational entrepreneurship is depicted in terms of the knowledge and motivation for opportunity recognition and evaluation of the recognised opportunity. In addition to this the different nature of the concepts are also determined with the role that the feedback from the exploitation of the present opportunities which are seen with the evaluation and recognition of the subsequent opportunities. The various types of the other notion of the entrepreneurial opportunities are seen with the innovation aspect.   

Some of the previous studies related to the topic have also identified the potential positive impacts which the collaborative research has in terms of the society in general. The business sectors are determined to get benefitted from the operational entrepreneurship research along with the recommendations which are necessary in different countries (Alderton, 2014).

The lessons drawn from the aforementioned video has provided me with the opportunity to get familiar about the operations management strategies. This includes ten major operations management decisions such as design of products and services, quality, process strategy, location, layout, HR, SCM, inventory, scheduling and maintenance. Due to the enormous scale of the operations at Frito Lay, the decisions pertaining to the main design of products are depicted with the Cheetos, lays, Ruffles, Fritos, Tostitos, Doritos and Walkers potato crisp. The company is seen to introduce innovation in the product line by engaging in new product lines. The main learnings from the operations management procedure has been able to state that the company constantly manages the new product lines and brings changes to the existing product lines to meet the various types of the market needs. The quality aspect of the company is determined with the extensive inspection of all the raw materials such as corn, mayo and potato. I have been able to know that the company includes the various types of the samples are taken at the time of unloading the raw materials. The additional measures are seen to be based on the washing, peeling, sizing the grain, frying, seasoning, bag weighing, carton counting, bag sealing and warehousing.  I have learned that the quality inspections of the company are as per the compliance to the different types of the features of the product are seen to be based on American Standards and the company has consistently scored above the passing mark as per the American Institute for Baking. Moreover, the company uses relevant statistical control for monitoring the process controls (Malu Castellanos, Salazar, Shan, Dayal, & Ming-Chien, 2017).

The process strategy of the company is focused on green manufacturing and incorporating the sustainability aspect. Some of the different types of the other strategies incorporated by the company is seen as per the converting solar power to generate electricity and recycling the packaging boxes and selling the by-products such as potato peels for animal feeds. Some of the different aspects of the other form of the learnings are determined with the location factor. The location is strategically selected so that the products have a long shelf life. In addition to this, the layout of the company is based on product-oriented layout. For instance, in this strategy for the manufacturing of the potato chips, the raw potatoes are washed, peeled, sliced, cooked, seasoned and bagged in a single assembly line over a few hours. The total inventory line of the company is seen to be managed within 2.5 days (Malu Castellanos et al., 2017).

The learning of the study has also allowed the Human Resources strategy which are seen to be associated to the factors which ensures that lowest employee turnover in the industry. I have been able to know that the main reason for this is seen to be based on the different types of the strategies which are seen to be based on competitive wages and benefits, concern for ergonomics, safety, respect and payment for the uniform and shoes. The success of the company in SCM is determined with the carrying the farm fresh potato to the plants and finally process the supplies to the in-store delivery in a short time span. In some of the various types of the cases for the company this is aided by owning the farms by the companies, controlling the transportation trucks for moving the raw materials, warehousing, distribution and delivery. The honing process of the inventory for the company is considered with the factors which are considered with the major ingredients such as corn, potato, oil and seasoning. I have been also able to know that as the inventory of Frito Lays is perishable in nature the hoarding cost can be considerably high. The company is further depicted to the inventories to more than 200 times in single year. This is observed to be significantly higher than the other company (Radnor et al., 2015).

The most important aspect of the learning process of the study is based on the factor which shows that the company follows a JIT inventory system. The location of the fleets of the transportation are seen to be depicted with the installing of the GPS system into the fleets of the vehicles. I have been further able to know the scheduling process is considered with the historical product sale new products introductions, production innovation and promotions along with the dynamic local demand forecasts. I learning process has guided me to know about the maintained strategies incorporated by the company in form of the taking special measures to have a backup in case a machine breaks down. The pants of the company ensure that the instruments use by the company as following the world class factors for the maintenance of the machines (McCrie, 2016).

The overall leanings have been conducive in knowing that every company is seen to go through various types of the OM decisions which are seen to be considered with the various types of the factors across the industry to industry. The mangers of the Frito  lays are able to amicable handle the overall process of managing the different factors which ensures the productivity of the company (Bochtis & Sørensen, 2014).

Operations management is seen as an area of the management is seen with the designing and controlling of the production process for the redesigning, production and business operation based on the manufacturing of the goods and services.

The following case study focuses on the problem of stocking blood that is being faced by a small and remote hospital located in Wayne at Nebraska. This problem mainly arises because the entire process is highly expensive and has a limited shelf life.

Although the hospital administrator tries to uplift the service level to nearly 85%, the Wayne Hills Hospital showcases a tendency to lower its stock of blood in order to cut down on expenses simultaneously striving to serve the contingencies.

Glimpses of the related issues:

Being a major component of the human body, the human beings require blood immediately when there is profuse bleeding for replenishing the loss of blood and retaining the blood level.

This case study puts forth the ways and means to stock blood being one of the most important task, although it is perishable and at the same time shows how it can be possible in a very remote hospital such as Wayne. Furthermore, it discusses the issue of life saving drugs that is another crucial zone to be taken care of.

A view of the inference of the decision taken by the administrator:

The administrator has taken the decision of applying the channel supply chain or rather the concept of the value marketing chain concept in order to keep a good pace with the outlet shoppers. As the health care ambience of Wayne Hills Hospital seems to be a good one, the value marketing chain concept and its application has been regarded to be a satisfactory one.

The value marketing chain is considered to be a different one from the conventional “value chain” that has been emphasized by Michael Porter in his well known work based on business strategy.

The value marketing chain has enhanced the process of delivering the superior value to the customers and has proved itself to be competitive and an advantageous one. This performance of the value chain is really a commendable one. This procedure commences with “inbound logistics” and then follows the “outbound logistics” which seems to be quite interesting to the customers. This service of providing good supply of blood and drugs in addition to the laudable service from the ever efficient doctors has made the patients contended and happy. As this Wayne Hills Hospital is one of the remote and small hospitals, its competitive scenario is likely to attract patients even from faraway areas along with the local population receiving the privileges. Revenue generation will also become much easier through this process.

Substitute solutions and answers for the following questions:

Planning Triangle has been taken as the method in order to provide an elucidation to the effective logistics strategy for blood and drugs.

Let us have a discussion on the inventory strategy that can be applied with regard to this problem.

Inventory Stratagem:

Taking prudent decisions and making proper forecast with regard to healthcare is one of the most important arena in a hospital environment. Thus, inventory strategy and its proper usage will enable the Wayne Hills Hospital to do so. However, HRIS (Hospital Resource Information System) is the actual means by which any hospital would be able to improvise upon the inventory strategy for forecasting various decision related to health. HRIS would enable the Hospital and its staff to keep a track of records with regard to the number of patients, their sex, age, their medical history and the time and doses of medicines consumed by them as well as the quality of medical acre rendered to them by the doctors. In case of blood transfusion the HRIS would enable the staff of any hospital to understand the RH factors of the blood and its group and other particulars (Rajapakshe, Vakharia, Wang, & Yenipazarli, 2017).

However, the factor that should be taken into utmost consideration is that in accordance with the rules of WHO only authorized blood banks recognized by the government of any country are able to stock blood and undertake cross matching of the same only if they meet the parameters set by the government and WHO.

What is cross matching:

As we know that there are four groups of blood, A, B, O, and AB, and again these blood groups can be classified into two sub groups, namely, RH +ve and RH -ve factors and thereby it is a very tiresome method to keep a stock of the different varieties of blood and their groups.

Now, we have to understand what cross matching is and why it is done.

Cross matching is a process in which the sample blood of the patient is tested to see whether it matches the blood of the donor and also at the same time it is checked whether the RH factors of the blood of both the donor and the receiver are similar or not. This is done in order to keep at bay the untoward reactions. If the sample of the donor’s blood is tested and it is found to be a complete match to that of the patient’s simultaneously tested against the blood borne diseases like AIDS and HEPATITIS and other venereal diseases, then follows the process of infusing the blood into the body of the patient.  This entire progression is a cumbersome process and requires a lot of effort and expenditure on the part of any hospital that wishes to set up this facility in order to serve the patients. A small hospital such as Wayne Hills will find it difficult to fulfil the formalities and the cost that this set up demands, therefore the best solution seems to be outsourcing for Wayne Hills.

Developing tie-ups with the nearby blood banks based on the factors like location, distance and capacity will work. These tie-ups will enable Wayne Hills to take blood from them whenever in need rather than stocking blood with itself. Development of BBIS (Blood Bank Information System) because these systems will help in the tracking of records in an appropriate way regarding the donors, they will have a donor list, related information about their blood group, RH factors, date and time of donation of blood and many other necessary records. These blood banks should set up an integrated HRIS for augmenting their efficacy in terms of keeping stock of blood as well as serving the patients. Their responsiveness will increase if they take into consideration all these factors (Kumar, Dutta, & Ji, 2017).

Methodology of working of the entire process:

This procedure requires an appropriate step by step implementation of the same. As and when the patient enters who is in need of blood transfusion has to be sent directly to the HRIS in order to test his blood sample and make it ready for matching its properties with that of the donated blood sample and simultaneously an availability check should be made in the BBIS along with sending the blood sample of the patient to the blood bank for further tests. If the blood bank is far away then the transportation of the same can be made by railways or airways but taking into consioderation proper maintenance of temperature and other related factors. HJowever, in case of profuse bleeding of the patient, the Wayne Hills hospital can provide the patient with Intravenous Fluids( Fluids IV) and Haemaecal that is a synthetic substitute of plasma that is required to expand the plasma as well as Ringer’s lactate solution which is full of ions for sustainability in order to prevent the patient from hypovolemic shocks. The Wayne Hills Hospital should stock the blood of only those patients who are being treated by the doctors in the hospital otherwise in case of any other patient the hospital should depend on the blood banks for the entire process.

The question of life saving drugs is again another very significant zone which needs to be considered. It has been said earlier that the hospital tries to maintain about 85% of the service level, now if such is the case then the hospital will be able to answer the number of beds availability , number of patients in need of the lifesaving drugs and in which months the the consumption of the lifesaving drugs was high. This information can be obtained from the stored data in HRIS.

Now based on the above information, it will be easier to know which type of lifesaving drugs are used more and when. For example, Anvil may be consumed more than Adralins and non Adralins. Thus, this means that the hospital can perform management by Ecception and then classify the drugs into categories and perform the ABC analysis in terms of criticality and availability of such drugs.

Now, along with the above mentioned procedure, we have to perform VED that is ( Visual, Essential and Desired) Analysis. “V” that is visual will include those medicines that are in extreme need and have much criticality. “D” will include the medicines that are desirable but do not have that criticality and finally “E” suggest those medicines which have cruciality and also an amount of desirability.

Therefore, we can infer that the hospital should use the ABC-VED matrix of classification which while purchasing medicines. This process also requires time to time monitoring which will enable the hospital to understand which medicines are needed and during which time, for example if a disease is completely treated then the medicines for that disease is no longer required and therefore need not be purchased.

On the other hand, the Wayne Hills Hospital should take into account the Quantity Discounts and Dollar Averaging opportunities. It can also opt for the Hand to mouth or Forward Buying decision based on matrix classification as it will be of great help to the hospital while purchasing medicines.

A small hospital like Wayne Hills should be vigilant enough regarding the tie-ups with the company suppliers, so that they can return the medicines that become obsolete or they can supply the additional number of medicines to the bigger hospitals that are having great demand of such medicines. Good supplier terms will help this process.

The hospital like every other hospitals should set up a measurement or assessment scale  called SERVQUAL , which was developed by PZB in the year 1988 in order to measure the quality of their service. This will assist them to know their shortcomings and strive for achieving the best.

The correlation of the 0.7 shows that there is a high significance of increasing application on the fertilizer on the harvest time. Therefore, it can be stated that in general the increase in the fertilizer application leads to higher weigh of the crops and harvest time.

x

y

1

2

2

3

4

4

5

7

6

12

8

10

10

7

Correlation

0.7030

The main form of the interpretation from the scatter diagram has been able to show that there is a positive and linear trend in the number of fertilizer applications and weight of crop per acre along with the time for harvest until the value of x is 6. Post the value of x is more than 6 there is a decrease in the fertilizer applications and weight of crop per acre along with the time for harvest. This situation is not favourable for the farmer. It needs to be sees that the differed types of the strategies for the farmer for the application of the fertilizer should be limited to 6.

The activity G of Move in new computer is not seen to be a critical activity. Therefore, even if the time taken increasing by 6 hours it will not have any impact on the critical path computation.

The activity C of Remove existing computer is not seen to be a critical activity. Therefore, even if the time taken increasing by 11 hours it will not have any impact on the critical path computation.

The activity of Shut down existing computer and Disconnect wiring is seen to be a critical activity and take a total of 2 hours and 5 hours respectively. Henceforth, in case both the activities can be completed in 2 hours then the time for the critical activity with decrease by 3 hours and critical path will be 52 hours.

At $ 350 price

 

Unit

Meters

Dollars

Annual Demand (D)

4800

Present Order Quantity (Q)

350

Annual cost for carrying one unit (C')

 $              35.000

Annual cost per order (S')

 $              120.00

Economic Order Quantity (EOQ)

SQRT(2xDxS')/C

Economic Order Quantity (EOQ)

181.42

Total Cost

PD+HQ/2+SD/Q

Total Cost

1686332.32

At $ 325 price

 

Unit

Meters

Dollars

Annual Demand (D)

4800

Present Order Quantity (Q)

325

Annual cost for carrying one unit (C')

 $              35.000

Annual cost per order (S')

 $              120.00

Economic Order Quantity (EOQ)

SQRT(2xDxS')/C

Economic Order Quantity (EOQ)

181.42

Total Cost

PD+HQ/2+SD/Q

Total Cost

1566332.32

At $ 300 price

 

Unit

Meters

Dollars

Annual Demand (D)

4800

Present Order Quantity (Q)

300

Annual cost for carrying one unit (C')

 $              35.000

Annual cost per order (S')

 $              120.00

Economic Order Quantity (EOQ)

SQRT(2xDxS')/C

Economic Order Quantity (EOQ)

181.42

Total Cost

PD+HQ/2+SD/Q

Total Cost

1446332.32

 

Based on the interpretations it can be stated that Bell should order 200 units for a minimum price of 1446332.32

Unit

Meters

Dollars

Annual Demand (D)

4800

Present Order Quantity (Q)

350

Annual cost for carrying one unit (C')

 $              35.000

Annual cost per order (S')

 $              120.00

Economic Order Quantity (EOQ)

SQRT(2xDxS')/C

Economic Order Quantity (EOQ)

181.42

Unit

Meters

Dollars

Annual Demand (D)

4800

Present Order Quantity (Q)

350

Annual cost for carrying one unit (C')

 $              32.500

Annual cost per order (S')

 $              120.00

Economic Order Quantity (EOQ)

SQRT(2xDxS')/C

Economic Order Quantity (EOQ)

188.27

Unit

Meters

Dollars

Annual Demand (D)

4800

Present Order Quantity (Q)

350

Annual cost for carrying one unit (C')

 $              30.000

Annual cost per order (S')

 $              120.00

Economic Order Quantity (EOQ)

SQRT(2xDxS')/C

Economic Order Quantity (EOQ)

196

 

As per the assertions it needs to be understood that 181 units would not be purchased at $ 350. In addition to this, 196 units cannot be bought at $ 300 which is also not possible. Therefore, the EOQ is seen to be 188 units.

Item

On-Hand Inventory

S

20

T

20

U

40

V

30

W

30

X

25

Y

240

Z

40

Week

 

Item

Particulars

1

2

3

4

5

6

7

8

Lead Time

S

Gross Requirement

100

Projected On Hand

20

Net Requirements

80

2

Planned Order Required

80

Planned Order Release

80

T

Gross Requirement

80

Projected On Hand

20

Net Requirements

60

1

Planned Order Required

60

Planned Order Release

60

U

Gross Requirement

160

Projected On Hand

40

Net Requirements

120

2

Planned Order Required

120

Planned Order Release

120

V

Gross Requirement

200

Projected On Hand

30

Net Requirements

170

2

Planned Order Required

170

Planned Order Release

170

W

Gross Requirement

100

Projected On Hand

30

Net Requirements

70

2

Planned Order Required

70

Planned Order Release

70

X

Gross Requirement

150

Projected On Hand

25

Net Requirements

125

1

Planned Order Required

125

Planned Order Release

125

Y

Gross Requirement

400

Projected On Hand

240

Net Requirements

160

1

Planned Order Required

160

Planned Order Release

160

Z

Gross Requirement

100

Projected On Hand

40

Net Requirements

60

1

Planned Order Required

60

Planned Order Release

60

 

References

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Sgarbossa, F., & De Leeuw, S. D. (2015). Humanitarian Operations Management. International Journal of Operations and Quantitative Management, 21(1), 1–3.

Slack, N., Brandon-Jones, A., & Johnston, R. (2016). Operations Management. Operations Management. https://doi.org/10.1007/978-3-658-00183-4

Slack, N., Brandon-Jones, A., Johnston, R., & Betts, A. (2015). Operations Management. Operations and Process Management.

Slack, N., Chambers, S., & Johnston, R. (2016). Operations Management. Operations Management. https://doi.org/9780132342711

Tang, L., Meng, Y., Wang, G., Chen, Z. L., Liu, J., Hu, G., … Zhang, B. (2014). Operations research transforms baosteel’s operations. Interfaces, 44(1), 22–38. https://doi.org/10.1287/inte.2013.0719

Thakur, S., & Rao, S. N. (2014). Operations Management. Igarss 2014. https://doi.org/10.1007/s13398-014-0173-7.2

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