Allow me to start by saying “The Goal” was truly an enjoyable experience in learning the fundamental concepts of operations management. This was a non-traditional and fun way to gain knowledge. I would have never imagined learning such “operational principles” in an entertaining manner. Bravo Professor Kouvelis for instituting education in creative and informative way. Now‚ on to the questions at hand… 1. Give me the definitions of throughput‚ inventory and operational expense given in The
Premium Management Project management Definition
Which is the more viable energy source for Australia’s energy and needs‚ Wind or Solar? This is a common debatable topic within the Federal Government of Australia. Debating which specific form of energy should be invested heavily in‚ in hope that carbon emissions and the use of coal will be reduced in the future (Clean Line‚ 2013). It is believed that the dominance of coal will be challenged by renewable energy e.g. Wind and Solar. Renewable energy is fast‚ clean‚ affordable‚ efficient‚ reliable
Free Wind power Fossil fuel World energy resources and consumption
[Energy resources]: The 2 broad types Pros and Cons of each type Ways in which they are harnessed There two main types of energy these are: 1. Potential energy 2. Kinetic energy Potential energy Potential energy is energy stored due to position. The following are some example in which potential energy can be found. 1. Wound-up spring When a spring of a dock work toy car unwinds‚ the stored energy in the spring drives the wheels and the car moves. The wound-up spring is said to posse potential
Premium Potential energy Fossil fuel Solar energy
As the Gaines Company ethics officer‚ I would make several suggestions on how to compensate managers in a way that discourages gamesmanship. If a change in the current program was not desired‚ then I would make suggestions to make the current compensation program less susceptible to gamesmanship. For example‚ I would suggest stressing to the employees how important it is to the business to provide accurate forecasting. If you continue to see forecasted numbers on investments that you believe are
Premium Management Employment Strategic management
Review Energy Trading. 1) Other than price & quantity there are three common characteristics of any contract. Identify each of these three and discuss their relevance to valuation of commodities. Form: What exactly is being delivered‚ Cost of transformation: taking one form and transforming to another form. Riskless trade capturing the full cost of transformation. Space: Location for delivery of the contract‚ driver is the cost of transporting an asset from one point to another. Riskless
Premium Futures contract
The Energy of the Future The United States of America is in desperate need of an alternate energy source. One such alternate source is nuclear power. Nuclear power is a form of energy produced by an atomic reaction‚ which is capable of producing an alternative source of electrical power‚ replacing the energy currently supplied by coal‚ gas‚ or oil. This will help the United States move away from burning fossil fuels and potentially reduce overall pollution. Nuclear power has the potential to be
Premium Nuclear power Energy development Coal
Module: Operations management Title: -Operations management and Ethics! - Student: Katerina Zafirovska Lecture: Prof. D-r Aleksandra Shumar Contents: Introduction……………………………………………………………………..….3 1. Operations management…………………………………………..5 2. History of operations management……………………………….6 3. Ethics ……………………………………………………………15 4. Operations management
Premium Management
Average Product” as “Average output per employee.” MP has to do with the extra output produced by the last person that was hired. Q (L‚K) = a + bL + cL2 +dL3 only labor is in the SR production formula. Q (L‚K) = a + bKL + cK2L2 +dK3L3 (Both labor and capital are in LR formula.) TFC =Total Capital Costs = rK Here “r” represents the “capital costs over the specified time period for 1-unit of capital K.” TC = wL + rK‚ w = wage rate paid to each laborer (per time period)‚L = number of units of labor
Premium Economics Monopoly Perfect competition
Consolidated Electric Company Joe Henry‚ the sole owner and president of the Consolidated Electric Company‚ reflected on his inventory management problems. He was a major wholesale supplier of equipment and supplies to electric contractors‚ and his business hinged on the efficient management of inventories to meet his customers’ needs. While Henry had built very successful business‚ he was nearing retirement age and wanted to pass along a good inventory management system. Henry’s two sons-in-law
Premium Inventory
Project is defined as a collaborative enterprise‚ involving research or design that is carefully planned to achieve a particular aim. Projects can be further defined as temporary rather than permanent social systems or work systems that are constituted by teams within or across organizations to accomplish particular tasks under time constraints. Project management is the process and activity of planning‚ organizing‚ motivating‚ and controlling resources‚ procedures and protocols to achieve specific
Premium Project management