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MBAA 607- Operations Analysis & Decision Support Systems Spring 2011 Monday 4:25-7:05 Dr. Linda Leon http://myweb.lmu.edu/lleon/mbaa607
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What Is Operations Management? Operations management is the set of activities that creates goods and services by transforming inputs into outputs Production is the creation of goods and services
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Options for Increasing Contribution
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Productivity = Output/Input where inputs include labor capital materials time information energy And output measures output produced, not necessarily sold
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U. S Productivity Increases 1800-1973 productivity increased at average rate of 2.5% 1970s to mid-1980s productivity increased at only 1% to 1.5% per year (quality problems) Mid-1980s to 1995, the manufacturing sector increased its productivity rate by 2.5+% per year while the service sector lagged at 1- 1.5% per year 1995 to 2005 productivity rate increased by 5.6% per year
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Variables that Create Productivity Increases Labor Capital Management
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Management Science A quantitative approach to decision making based on the scientific method of problem solving. Synonymous with operations research. Early roots in World War II; now flourishing in business and industry with the aid of computers.
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Course Objectives To learn how to model operations management and decision-making problems using quantitative management science techniques To present various operations management and decision-making problems encountered in today’s business world
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Quantitative Techniques Linear Programming Simulation Forecasting Decision Trees Project Management: PERT/ Critical Path Method (CPM)
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Examples of Operation Management Applications Resource Allocation Scheduling Demand Forecasting Revenue (Yield) Management Planning Models Supply Chain Management Inventory Management Facility Location Analysis Transportation & Distribution Waiting Line Analysis Product Design & Development
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Increasing Expected Productivity Assessing & Managing Operational Risk Forecasting & Planning Models Operations Analysis & DSS Tools Math Programming Simulation Models Decision Trees for Evaluating Alternatives Project Management
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Course Objectives - Continued To develop analytical & computer modeling skills necessary to implement and analyze decision problems To learn how to integrate information provided by the use of quantitative techniques and computer models into the decision-making process and be aware of the limitations of the quantitative technique used
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