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Reflection (Report III)

The document discusses strategic roles of operations, focusing on decision-making methodologies, decision support systems, economic models, statistical models, and decision trees. It highlights the shift from manufacturing to service and information-based products in the Indian economy, emphasizing the characteristics that distinguish manufacturing operations from service operations. Additionally, it defines productivity in terms of resource utilization and explores its modern dynamic concept as a cycle driven by competition.

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Nikay Amazona
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24 views8 pages

Reflection (Report III)

The document discusses strategic roles of operations, focusing on decision-making methodologies, decision support systems, economic models, statistical models, and decision trees. It highlights the shift from manufacturing to service and information-based products in the Indian economy, emphasizing the characteristics that distinguish manufacturing operations from service operations. Additionally, it defines productivity in terms of resource utilization and explores its modern dynamic concept as a cycle driven by competition.

Uploaded by

Nikay Amazona
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SHIELA MAY A.

CASPILLAN
MBA 305 Operational Management

Reflection (Report III)

1.10 THE STRATEGIC ROLES


OF OPERATIONS
From the reporters- they’ve discussed about Decision Methodology, Decision Support System, Economic
Models, Statistical Models, and Decision Trees. Wherein, Decision methodology refers to the systematic
process of making choices among alternative courses of action. It includes defining the problem, identifying
alternatives, evaluating them based on criteria, and selecting the best option. There are five types of
Decision Methodology. The rational decision-making process is a step-by-step approach that involves a
thorough evaluation of all available information and a structured method for selecting the best option.
Intuitive decision-making relies on the decision-makers instincts, experience, and gut feelings rather than a
structured analysis of data. Participative decision-making involves multiple stakeholders in the decision
process. Heuristic decision-making involves using simple rules of thumb or shortcuts to make decisions
quickly. Incremental decision-making involves taking small steps rather than making a large, comprehensive
decision all at once.

Decision Support System is an interactive software tool that assists managers in making decisions by
analyzing large volumes of data. It also has five types and they are: Data-driven DSS, emphasizes the use of
vast amounts of data from various sources such as databases, data warehouses, or cloud storage to aid
decision-making; A model-driven DSS focuses on using mathematical, statistical, or simulation models to
assist decision-makers; Knowledge-driven DSS, also known as intelligent DSS, is based on the application
of knowledge management and expert systems; A communication-driven DSS supports more collaborative
decision-making by enabling group interactions and discussions; Document-driven DSS manages, retrieves,
and analyzes documents and text-based information.

Economic models are simplified representations of economic processes, illustrating the relationships
between variables such as supply, demand, and price. Under Economic Models are, microeconomic,
macroeconomic, static, dynamic, stochastic, and empirical models. Microeconomic models focus on
individual actors within the economy, such as households, firms, and industries. Macroeconomic models
look at the economy as a whole, focusing on aggregate variables such as GDP, unemployment rates,
inflation, and national income. Static economic models analyze economic situations at a specific point in
time, without considering changes over time. Dynamic economic models incorporate changes over time,
allowing economists to understand how economic variables evolve and interact with each other over a
period. Stochastic models incorporate elements of randomness and uncertainty to predict outcomes.
Empirical models are based on real-world data and are used to test economic theories or predict outcomes by
analyzing past relationships between variables.

Statistical models use mathematical equations to describe relationships between variables based on data. The
linear regression model is one of the simplest and most widely used statistical models. Logistic regression is
used when the dependent variable is categorical, typically binary (e.g., yes/no, success/failure). Instead of
modeling a straight line, it models the probability that a particular event will occur based on the independent
variables. Time series models analyze data points collected or recorded at specific intervals over time.
Bayesian statistical models incorporate prior knowledge (or beliefs) with new evidence (data) to update the
probability of an outcome. Multivariate models deal with multiple dependent and independent variables
simultaneously. Survival analysis models are used to analyze the expected duration until one or more events
happen, such as the time until a machine fails or a customer churn. A decision tree is a graphical
representation of possible decisions and their potential outcomes.

Each of these decision tools and models serves a unique role in helping managers and professionals analyze,
predict, and make well-informed decisions in various business environments. Applying these methodologies
strategically can lead to better outcomes and efficient management of resources.

.1.12 THE TREND:


INFORMATION AND NON MA
NUFACTURING SYSTEMS
An increasingly significant
trend in the Indian economy is
the gradual shift of productive
effort from
manufacturing (industrial) to
service and information
based products. With this,
the demand for
communication and
information based product is
gradually restructuring the
society. Traditional ways of
doing things are being
replaced by efficient methods.
Computers play a major role in
this transition along
with fiber optics, microwaves,
lasers and other
communication technologies.
Following characteristics can
be considered for
distinguishing Manufacturing
Operations with
Service Operations:
1. Tangible/Intangible nature of
output
2. Production and
consumption3. Nature of work
(job)
4. Degree of customer contact
5. Customer participation in
conversion
6. Measurement of
performance
7. Quality of output
8. Inventory accumulated.
Manufacturing is characterized
by tangible outputs (products).
Consumption of outputs at
overtime.
Jobs useless labour and
more equipment, little
customer contact, no
customer participation in
the
conversion process (in
production). Sophisticated
methods for measuring
production activities and
resource consumption as
product are made.
Service is characterized by
intangible outputs. In addition,
it possess a potential for high
variability in
quality of output. Production
and consumption occurs
simultaneously. Jobs use more
labour and less
equipment, direct consumer
contact, frequent customer
participation in the
conversion process.
Elementary methods for
measuring conversion
activities and resource
consumption are used.
1.13 PRODUCTIVITY
Productivity is defined in terms
of utilization of resources, like
material and labour. In simple
terms,
productivity is the ratio of
output to input. For example,
productivity of labour can be
measured as units
produced per labour hour
worked. Productivity is closely
inked with quality, technology
and profitability.
Hence, there is a strong stress
on productivity improvement in
competitive business
environment.
Productivity can be improved
by (a) controlling inputs, (b)
improving process so that the
same input
yields higher output, and (c) by
improvement of technology.
These aspects are discussed in
more detail in
the lesson on Productivity
Management.
Productivity can be measured
at firm level, at industry level,
at national level and at
international level.
1.13.1 Modern Dynamic
Concept of Productivity
Productivity can be treated
as a multidimensional
phenomenon. The modern
dynamic concept of
productivity looks at
productivity as what may be
called “productivity flywheel”.
The productivity is
energized by competition.
Competition leads to higher
productivity, higher
productivity results in better
value for customers, this
results in higher share of
market for the organization,
which results in still
keener competition.
Productivity thus forms a cycle,
relating to design and products
to satisfy customer
needs, leading to improved
quality of life, higher
competition i.e. need for
having still hi

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