An Efficient Algorithm for Multi-Objective Optimal Operation Management

This assignment provides an overview of various techniques and methods used in operation management, including simulation optimization, multi-objective optimal operation management, and energy management systems. The discussion covers the application of these approaches in different industries and sectors, such as finance, agriculture, and renewable energy. It also touches on the importance of self-leadership and change management in effective operation management.

Management
and
Operations

Table of Contents
INTRODUCTION.....................................................................................................................................3
CASE STUDY 1........................................................................................................................................3
TASK 1....................................................................................................................................................3
P1 The roles and characteristics of a leader and a manager..............................................................3
TASK 2....................................................................................................................................................6
P2 Role of leader and function of manager in various situations......................................................6
P3 Different theories and models of situational, system and contingency leadership......................7
INTRODUCTION.....................................................................................................................................8
TASK 2....................................................................................................................................................9
P4 Key approaches to operation management..................................................................................9
P5 Importance and value of operational management...................................................................10
TASK 4..................................................................................................................................................11
P6 Different factors that impacts on decision making and operational management.....................11
CONCLUSION.......................................................................................................................................12
REFERENCES........................................................................................................................................14

INTRODUCTION
Operational management forms the key factor of business strength and success as it
deals with designing, executing and controlling the procedure of production that is concerned
with conversion of raw material into finished products as per customers needs and aspiration
by efficiently utilizing the available financial. Hr and other resources to optimum level so as
to generate higher returns and greater profits. Operational management is critically important
for affirm as it helps in handling different processes, talking quick and effective decisions and
ensures that all the operations are being conducted as per pre determined set plans so that
objectives could be achieved on time with maximum output. The assignment is based on the
case study of Wiseman Group (White, 2016).
The project will be discuss about roles and responsibilities of mangers and leaders
besides giving about brief divergence between their functions. Further it will discuss some
most prominent leadership styles that could be applied by management to increase the
efficiency o fits employees by motivating them.
CASE STUDY 1
TASK 1
P1 The roles and characteristics of a leader and a manager
In order to be success in a long term it is of critical importance for a firm to have both
strong leader and mangers to get things done from their team by influencing them to work in
one directions towards their vision. Although both are quite contrasting in nature , they both
still complements each other’s actions and are considered to be partners in failure and success
forming backbone of organization’s core capabilities. However the major challenge lies in
combining strong leadership and efficient management and to create a perfect balance
between the two (Smith, Rahn and Wang, 2010). A successful business owner needs to be
both a strong leader and manager to get their team on board to follow them towards their
vision of success. Leadership is about getting people to understand and believe in your vision
and to work with you to achieve your goals while managing is more about administering and
making sure the day-to-day things are happening as they should.
Manager: Manager is a person who is responsible for undertaking various
organization functions from planning to controlling and is responsible for formulating
policies, procedures and strategies to accomplish firm objectives. A manger is responsible

for guiding its employees and to make them work together as a team to achieve assigned
tasks.
Leader: A leader is the person who is having an ability to influence people to work in one
direction by aligning their personal goals with organization’s objectives so that they can work
towards one direction for attaining firms goals and profitability (Shuxin, 2011).
Roles and duties of the Wiseman Group managers
Decision making: One of the most prominent role of a manger is take decisions on
business matters concerning growth and development, diversification, recruiting a new
employee etc. He is also responsible for taking judgement for day to day operations and
activities of a firm. Implement of plans and policies: Manager is responsible for
formulating and implementing policies, procedures and strategies related to various business
function like finance, marketing, employee compensation etc. That are of utmost importance
for carrying out business in an effective and efficient way to accomplish all its objectives
without any hindrance within specific time period ,. It depicts Wiseman Group towards its
success and growth in marketplace.
Hire capable persons- As employees forms the cornerstone of any organization
serving as sources of competitive advantage over business rivals. Thus, one of the most
important function of mange in Wiseman group is to hire a proficient candidate most suitable
for a particular job profile so that company can utilize his capabilities, skills and knowledge
to achieve its objectives i most efficient manner (Heizer and Barry, 2013) .
Team development- It is a responsibility of a manager to enhance and develop
coordination and team spirit among employees by motivating them and organizing various
team building activities that will help workforce to develop cooperation, coordination and
mutual trust among each other. This will lead to increase in productivity of a firm as people
will become more work oriented avoiding each other flaws working together to complete
their assigned tasks with best of their abilities.
CHARACTERISTICS OF A MANAGER
 Communication skills – For a manger of Wiseman Group is is essential to have a a
proficiency in communication and interpersonal skills. It is because manger needs to
keep on giving instructions and guidelines to employees on doing a particular task,

have to assign and describe role and job responsibilities and also need to listen and
address their issues, wherein clarity in thoughts and effective communication skills
are requisite (Hao, 2010)
 Knowledgeable – Another essential characteristics of a Wiseman group manger is
that he should having in-depth knowledge about his areas of operations so that he can
take effective and accurate decisions of any business related issues, van formulate
essential policies and strategies by analysing market situations, forecasting about
probable market trends and be proactive in modifying their strategies accordingly to
gain an edge.
Duties and responsibilities of leader
In Wiseman Group the role of leader is quiet significant like any other firm as it helps,
guides and motivates employees to achieve company's targets in most efficient manner.
Some role of the leader are determine as below:
As a role of Motivator: One of the most important role of a leader is to encourage its
employees by finding out their personal goals, tracking their performance, preparing
appropriate training programme to eradicate their areas of lacking so that an employee can
work with best of his capabilities to perform a particular assigned task. For this a leader
apply several theories of motivation and apply most suitable leadership style in accordance
with workforce he is leading.
As a duty of team worker: Another significant role of Wiseman Group leader is to
maintain cordial relationship with its team. It is essential because it helps in making
employees to work a team to achieve certain objectives. Also, in order to influence and
motivate people to put their hard work in something a leader need to have good
communication skills and good relations with his team members so that they can work
according to his instructions and guidelines (Moghaddam, Seifi and Niknam, 2012).
Maintaining discipline: It is one of the crucial role of leader which assist then to
handle all kinds of situations effectively. The leader provided necessary guidance and
instructions to employees about best way to complete a task in most appropriate manner
helping them to deal with most complex situations in systematic manner. Also by enhancing
coordination among its workforce by building up team spirit leader in Wiseman Group
maintains discipline
Characteristic of leader and manager of the Wiseman Group:

Mentioned below are the requisite qualities that a leader need to posses in order to
effectively led its team.
Difference between leaders and managers:
MANAGER LEADER
Managers are responsible for setting goals and
objectives of the company .
Leaders are in charge to make employees
works towards achieving those objectives.
Mangers responsibility is to formulate
strategies in accordance with policies and
procedures set by the top management.
Leader responsibility is to act as change agents
of management to implement policies set by
mangers and to ensure that employees are
following it.
Managers is concerned with planning out
activities and functions related to organization.
Leaders however are concerned with
influencing employees to perform their tasks
with best of their capabilities giving maximum
outcomes by motivating them through several
motivational theories.
TASK 2
P2 Role of leader and function of manager in various situations
Functions of mangers and leaders
Delegations of authority: One of most important function of a manger as well as
leader is to delegate their responsibilities to their subordinate in accordance to their
capabilities. In Wiseman Group, mangers and leaders delegate their responsibilities to
employees by assigning them task according to their proficiency level. It has two way
beneficiary effects. On one hand it helps in developing the confidence, productivity and work
efficiency of employees as they feel motivated and put their best efforts to complete the task
with best of their abilities and on other hand it helps the managers and leaders to concentrate

on more important business decisions that require their special attention and need to be
addressed thoroughly with proper attention (Johnstone, 2016)
Training and development: In Wiseman, mangers and leader s there are some
employees needed accurate training and development to attain long term and desire goals of
the organization. But manager and leader are not capable to provide accurate training to their
staff members. So that they cannot understand about uses of innovative technology, changes
in business activities and many other reasons. Thus, it is not beneficial for the company to
increase their sales. In order to reduce this situation, manager and leader of the Wiseman
group try to provide effective training and development to their employees.
Role of leadership and management: Some duties of managers and leaders in various
situation or conditions which are described as below:
Management role theory: It is refers as a model which was implanted by the
H.Mintzberg for managing the hard condition within an enterprise. In this situation, both
manager and leader divided their responsibilities in three category like informational,
decisional and interpersonal. Duty of administrator is to transmit entire content about changes
in firm, use of advanced technology, market trend and many other (Rani and Moreira, 2010).
Evaluate of MBO: Management by objective is beneficial framework which is
implanted by the Drucker systematically . This model emphasis on work allotment and roles
among management and worker. MBO is essential as it enhance the participation and
contribution from employees to be recognized on the accomplishment of objectives from
management (Bahmani-Firouzi and Azizipanah-Abarghooee, 2014).
P3 Different theories and models of situational, system and contingency leadership
Leadership forms key determinant in the successes of a firm as it helps in enhancing
efficiency and effectiveness of their employees by providing them with necessary training
and development. The major role of a leader is to bind company's workforce together and to
crave out maximum potential and output from them in an effective manner. Mentioned below
are some of the theories of leadership that can be applied by Workman Group:
Situational Theory: This theory assumes most effective leader is one that changes
from situation to situation occurring in market dynamics and that it is capability of a leader
to adopt their own specific and unique style to deal with any adverse situation. Applying this
theory manger managers first analyse the situation and then according to that they modify or

choose their own specific style that can be best suitable in handling and motivating its
employees to do a particular task. The operation management of Wiseman Group is likely to
bear positive results by applying this theory of leadership as leader will be able to flexible in
adopting best effective leadership style based on present situation prevailing in market as
well according to internal environment scenario of a firm (Pinkerton, 2011).
System Leadership Theory:- It is one of the most prominent management theory of
leadership. Under this leadership style the superior identifies all activities, procedures and
policies that are requisite for Wiseman Group to obtain maximum returns and higher
performance level . It is based on the assumption that whole organization is an open system
composed of various inter dependent and interacting subsystems (Smith, Rahn and Wang,
2010) . Thus, when applying this system attention is given on overall effectiveness of system
s a whole rather than on its sub systems.
Contingency Theory :- This theory applies that there is no perfect way or system of
leadership that can be applicable ion all situations and that it is the capability of a leader to
apply different leadership style in accordance with the type of environment and employees he
is dealing with. Also the leader needs to assess the needs of its team, analyze the current
situation and then accordingly has to adjust his behaviour and leadership style so as to be
efficient and effective leader (Niknam, Meymand and Mojarrad, 2011).
CASE STUDY 2
INTRODUCTION
Operation management is concerned with designing and controlling the process of
production and redesigning business operation in the production of goods or services. It
includes planning, organising and supervising related to production, manufacturing or the
provision of services (Management and Operation,2018). Hyundai is a confident and hyper
aggressive company that only believes in success. Hyundai is all about speed and
aggressiveness. In 1990s, company was mostly interested in producing cars in high volume.
But slowly, they have focused on quality. Leadership has changed over the time and have
installed six sigma approaches in their company in order to improve their quality
measurements.

TASK 3
P4 Key approaches to operation management
For every organisation, it is necessary to focus on their operation area in order to keep
track of what is going on in the firm. This helps in easy identification of any lacking and
errors which can be sorted out within time limit. Operation is related to profit making.
Hyundai is one of the most reputed automotive company (Burke, 2013).Model-based
electrochemical estimation and ). Hyundai is efficient in identifying all errors instantly and
react quickly. Due to this, the company is able to attain 46% of the sales. There are different
approaches to operation management which are mentioned below:
Total Quality Management (TQM): It is a continuous process which helps in
eliminating or reducing errors in manufacturing, supply chain management and improving
customer experience. It is a structures management approach that focuses mainly on
continuous quality improvement of products and services by taking continuous feedback
from customers and other parties. With this, it increases the customer expectations and are
attracted towards the products as they are quality assured and prefer these products above
other. Hyundai is focusing on developing cars with highest quality and eliminating all
possible errors. In initial times, it focused mainly on manufacturing high volume but they
have changed their strategy to manufacture quality products. Due to this, people will prefer
their cars more and thus facilitating their sales.
Six Sigma Approach: It is a continuous improvement approach which is statistical
and data driven based. This approach helps In eliminating and reducing all errors or defects
on product, process or service. This approach is installed by Hyundai within their company in
order to ensure high quality products and ultimate success in competitive world. It help the
managers to keep a track on the quality and ensures that all quality standards are being met
by employees and other associated staff members. Hyundai have installed this approach in it
engineering centre in order to measure its improvement. It made a cross functional
responsibility, with involvement from procurement, finance, sales and marketing. Six Sigma
is very useful for the business to accomplish their predetermined goals and targets in given
time duration.
Lean production: Company should apply this approach in order to maximise their
yearly turnover rates. This method also helps the business to maintain its quality of products
and services in appropriate manner.

Continuous improvement and developments: The best way to achieve success is to
ensure and maintain continuous improvements and development. It is also a main approach to
operation management which help company to achieve desired success and satisfy its
customers. The main reason behind success of Hyundai is that, it mainly focuses on quality
and its improvements. Management are focused towards manufacturing vehicles with
distinguished features.
P5 Importance and value of operational management
Operational management is important for company to achieves its target goals and
objectives and also maximise its profits. It is a process which helps in combining and
transforms various resources used in operations subsystem of the organisation. Operation
management is crucial for product and service to be effective and efficient and also plays
important role in making profits for company (Handschin and Petroianu, 2012). Hyundai is
one of the leading automotive company and operational management is important for them to
maintain its success. Following are some importance of operational management:
Profit maximisation: Hyundai is one of the leading company which is known for its
quality driven vehicles which help company to attract large number of customers towards
their vehicles and thus maximising their sales and profits. Manager of the company
implement operational management which help Hyundai to manage their operations and
maintain their activities in appropriate manner. This help in increasing their profits and
providing customer with best vehicle and services.
Enhancing quality standards: Quality is very crucial factor for Hyundai and they
implement all the standards which help them in meeting quality of vehicles. Operational
management assist Hyundai to improve quality and monitoring all operations of company. It
also helps in improving customers service and manufacture vehicle according to the customer
preferences and desires.
Customer satisfaction: Every company works in order to achieve the ultimate aim of
customer satisfaction. It is crucial for Hyundai to focus on demands and tastes of customer
which can assist them to manufacture their vehicles. Company is focusing on maintaining
quality standards because consumer mostly prefers quality vehicles which provide durability.
Increase in productivity: Operational management is important for managing and
monitoring overall productivity of company. Productivity is mainly referred to as the ratio of

input to output. It helps in measuring the efficiency of managers as well as employees
(Mohammadi, Soleymani and Mozafari, 2014). Since, Hyundai is focused towards quality
and have effective machineries; it is an advantage to their company to increase their
productivity by achieving all quality standards.
Optimum utilization of resources: With the help of operational management,
business can utilize their manpower as well as raw materials in better manner. This leads to
enormous profits to organisation. Due to this, Hyundai is able to manage all its resources and
with this reason, they have strong hold in the market. It is crucial to manage every resources
and avoid wastage of raw materials. There should be proper plan for disposing waste in order
to prevent environment form any kind of harm (Nakayama and Bucks, 2012).
TASK 4
P6 Different factors that impacts on decision making and operational management
There are many factors which influence profitability and success of a company.
Mainly internal and external factors play the part to pose positive as well as negative impact
on organisation (Internal and External factor, 2015). In the case study, Hyundai is well
reputed company and is greatly influenced by internal and external factors.
Internal factors: This includes those actors which greatly impact the working and
operations of company. Following are some factors:
STRENGTH WEAKNESS
 Mainly focuses on quality of vehicles.
 Manufacture affordable and durable
cars.
 Expenditure on research and
development.
 Manufacture innovative and creative
cars.
 It is a growing brand.
 Have largest manufacturing facilities.
 Strong revenues and profits.
 Lowest presence in market of US.
 No presence in Japan’s market.
 Sometime, products are recalled,
effecting brand reputation.
 Limited car designs.
 Spare part shortage.
 Weak sales in Korea.

 Have strong hold in the market of
China.
Above are some strengths and weaknesses of Hyundai Company. To measure
influence of external factors, manager use PEST Analysis. It is described as below:
Political factor: This factor greatly influences the activities of Hyundai as they have
to deal with different policies. Political stability is necessary for company to achieve stability
in global market. It is important to maintain stability; otherwise, company can bear high loss
as well as business disruption.
Economic factor: It also has a direct impact on Hyundai. There are many factors that
influence business and they are, tax, inflation, recession, economic condition of country, etc.
These factors are influencing organisation worldwide. Sometime, company has to face
recession and in that situation they have face high loses. It also helps in creating large number
of job opportunities and this lead to stronger economic of country.
Social factor: It also has a central role in relation to business context. Social trends
keep on changing with change in demand and preferences of customers. In recent years,
demand for SUVs has grown in various parts of the world and this influence the profitability
of company. Hyundai is aware about the demands of customers and design vehicles
according to their preferences.
Technological factor: As Hyundai is an automotive company, it is crucial for
company to remain updated with new technologies. This will help in remaining ahead of the
market and retain their market position. Company is efficient enough to adapt any changes
arising and this is their key strength (Neck and Manz, 2010). It is necessary for the company
to cope up with changes and they also direct employees about changes in technology for
smooth working. Hyundai is investing lost in research and development; this helps them to
design innovative cars which attract large number of customers towards their vehicles.
CONCLUSION
From above part, it can be concluded that Hyundai focuses mainly on manufacturing
quality vehicle which attract customers towards their cars. They have installed six sigma in
order to achieve highest quality of vehicles. Hyundai is one of the leading company and is

necessary to evaluate their internal and external factors which can influence their
profitability. For this managers use PEST Analysis which gives them idea about political,
economical, social and technological factor affecting their business.
Recommendations: Hyundai should overcome their weakness and expand their
business in those countries where there is less or no existence of the company. This will help
to maximise their profits and revenues.

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