Operations and Project Management: Assignment

Added on - Dec 2020

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OPERATIONS ANDPROJECTMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1............................................................................................................................................1LO 2.................................................................................................................................................4P2............................................................................................................................................4LO 3.................................................................................................................................................6P3............................................................................................................................................6LO 4...............................................................................................................................................12P4..........................................................................................................................................12CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONProject Management, in a wide business scenario, refers to the overall planning andexecution of a specific project. It is a crucial task that allows an organisation in accurate,sustainable and effective management of the projects undertaken by the firm(Binder, 2016).Furthermore, project management enables companies in appropriately reviewing the feasibilityas well as scope of success of their different projects, along with a systematic analysis of longterm consistency of the same.This assignment is conducted on TK Maxx and Sunshine DrinksCompany. This is further classified into two sections. The first section includes review ofefficacy of principles associated with operational management and application of constantenhancement. The second part covers a detailed PLCas well as critique of the same in a projectto ascertain its effectiveness.LO 1P1.Company OverviewTK Maxx was incorporated in 1994 in the UK and deals with a range of products for itscustomers like footwear, clothing, domestics, bedding, furnitures, etc. Since its inception, thecompany has satisfied its customers within the country as well as beyond with top quality as wellas diverseofferings(Fleming and Koppelman, 2016).Differences between Operations and Operational ManagementThe former refersto activities which are undertaken by organisations in order to achievetheir organisational objectives. Moreover,latter refers to planning, management andconsequently effective execution of certain procedures and processes of corporation related toproduction and other taskswithin the company.Review as well as Criticism of Principles of Operational ManagementThere are several effective principles of operations management which are necessary tobe reviewed critically in relation to appropriately understand and apply the same in anorganisational context. In case of TK Maxx, the company's logistics and supply chain are crucialoperations of the company and firm pays a decent amount of attention to make sure it turnseffective. Following is the implementation of operations management principles within TKMaxx:1
Variance:This principle of operations managementis pervasive in every procedureadopted by the company. However,for reduction of overall costs, this principle isrequired to be controlled as well as measured. WithinSCM, several activities such asoutlay reduction must be executed to ensure its effective implementation.In context withTK Maxx, the company directly manage their logistics, which could add to the cost. Thisis because self managing would require employment of new labour which is costly,seeing their training and development costs. Thus, this function is not effectivelyimplemented within the firm(Harrison and Lock, 2017).Organisation:According to this principle, in case to increase efficiency andprofitability, operations must be organised appropriately into a coherent whole. Tomanage the supply chain and logistics, TK Maxx is applying several methods such ashybrid trucks, using of dual-fuelled vehicles, etc., which could not be easily organisedbecause difficult to handle different operations with same effeciency, hence, makingimplementation of this operation quite ineffective for the organisation.Change:Change, as an operational management principle, is necessary to ensure betterlogistics and supply chain management. Furthermore, with new solutions and theories,these could help in ensuring better and timely delivery of their products to customers. ForTK Maxx, the company has a standard procedure of sharing capacity with other retailersto reduce GHG emissions. Despite of presence of different and better methods, firm tendsto use a standard technique for its delivery as this will results in increment of overall cost(Logistics,2019).Fundamentals:As per this principle of operations management, there must be a strictadherence to certain norms and fundamentals in order to ensure the best standards of theprocess possible. TK Maxx, in their logistics and supply chain management, use “greenclause as a fundamental to ensure utmost safety to environment and enhancedsustainability. Thus, implementation of this principle is effective within the firm(Heizerand et. al., 2017).Degree of alignment of Principles of Operations Management with the requirementThere are various operations management principle which are quite necessary to beunderstood by the firm to effectively apply them in relation to their new product development.Some of these principles are mentioned below:2
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