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Semifinals 2
Semifinals 2
Elements
e) Inventory Control:
Inventory control involves managing the levels of raw materials, work-
in-progress, and finished goods to ensure smooth production and
timely order fulfillment. It includes forecasting demand, determining
optimal order quantities, implementing inventory tracking systems, and
minimizing holding costs while avoiding stock outs.
j) Managing Quality:
Managing quality involves establishing and implementing quality
control measures to ensure that products or services meet specified
quality standards. It includes implementing quality management
systems, conducting audits, and continuously improving processes to
enhance quality and customer satisfaction.
k) Linear Programming:
Linear programming is a mathematical optimization technique used in
operations management to find the best solution to a problem with
linear relationships. It is used to optimize resource allocation,
production planning, scheduling, and other operational decisions.
m) Transportation Models:
Transportation models are mathematical models used to optimize
transportation and logistics decisions. They help in determining the
most efficient routes, shipment quantities, and transportation modes to
minimize costs and improve delivery performance.
n) Assignment Methods:
Assignment methods are mathematical techniques used to allocate
resources, tasks, or jobs to individuals or workstations. They help in
optimizing resource allocation, minimizing idle time, and improving
overall productivity.
o) Forecasting:
Forecasting involves estimating future demand for products or services
based on historical data, market trends, and other relevant factors. It
helps in production planning, inventory management, and decision
making related to capacity and resource allocation.
p) Project Management:
Project management involves planning, organizing, and controlling
resources to achieve specific project objectives within defined
constraints such as time, cost, and quality. In operations management,
project management is used for managing and implementing projects
related to process improvement, new product development, facility
expansion, or other operational initiatives.