Operations and Project Management

Added on - 12 Nov 2020

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Operations and ProjectManagement
Table of ContentsINTRODUCTION...........................................................................................................................1P1: Review and critique of the implementation of operation management principles...........1TASK2.............................................................................................................................................3P2: Continuous improvement plan for XYZ company...........................................................3Task 3...............................................................................................................................................6P3: Application of project life cycle.......................................................................................6P4. Review and critique effectiveness of project life cycle....................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONOperation management refer to the conversion of raw material into finished good toincrease the day to day working of organisation (Artto, Ahola and Vartiainen, 2016). Whileproject management includes planning, organising, controlling, coordinating as well assupervising the performance to increase the overall profitability of organisation. These followingsteps help an organisation to operate its routine operations efficiently. For the betterunderstanding of this report, XYZ company has been selected that deals in fridges, electroniccooker, washing machine and so on. Respective company has decided to diversify its business inlarge screen television market of 58inches. This report will cover topics like critical evaluationof theories like six sigma, lean principles and effectiveness of continuous improvement plan. Itwould also include application of each stage of Project Life Cycle (PLC) and critical analysis ofhow using different models and theories, PLC would differentiate between large and small scalecompanies.P1: Review and critique of the implementation of operation management principlesOperation management is an essential part of management that deals in designing,redesigning as well as controlling business operations for the production of goods and services.Thus, there are various theories of operation management that needs to be implemented byorganisation after masking the appropriate evaluation:Six Sigma:Six Sigma is a methodology which is used to enhance the effectiveness ofproduct by minimising the chances of errors or defects (Chevalier and et. al., 2015). It containstwo different methodology that is DMAIC and DMADV. In context to XYZ company which isentering into new segment so it is essential for organisation to conduct research and developmentfor new product that is large screen television market. For, the respective company DMADVmethodology will be used that is described below:Define: Under this stage, customer preference as well as goals and objective are definedfor the production of television. Thus, XYZ company should create effective team as well asstrategies for production and distribution of large screen televisions.Measure: In this stage with the help of research and analysis data is collection on thebasis of primary and secondary source of data collection. Thus respective methods help in1
gathering relevant information which is utilised by XYZ company to make decision related tocost, manufacturing process as well as resource requirement.Analyse:This stage analyse the preference, need as well as opportunity of market tomeed the demand of existing as well as potential customers (Glukhov, Ilin and Levina, 2015).Along with that company chooses innovative as well as cost effective strategy to enhance thestandard and quality of product. Hence, the mangers of XYZ company make sure the datacollected in above stage needs to be implemented effectively at this stageto enhance themanufacturing process as well as profitability of large screen televisions.Design:This step helps respective company to measure the performance as well asstandard to satisfy the market demand of existing as well as potential customers related totechnology and design for better visual experience.Validate: This stage has continuous nature as it provide regular adjustment as well asmodification in term of design and technology to fulfil the objective of organisation by satisfyingthe demand of customers.Critical Evaluation of Implementation Six Sigma:Six Sigma is a time effective process as it reduces the chances of defect by decreases theoverall time involved in manufacturing of product. On contrary, this methodologybecomes rigid and causes delay for any creative idea or new process.Moreover, this methodology basically focuses on satisfying the preferences and demandof customers. Thus, this process may lead to effective as well as expensive measurerather than inexpensive measure.Lean principle: Lean principle focuses on providing value to customers by optimumutilisation of resources (Harrison and Lock, 2017). This principle encourages as well as developwork process through continuous improvement plan. Therefore, there are several principle whichcan be followed by XYZ company, following principles are described below:Value: In the first stage, value of customer for the product is determined that whether thecustomer find the product worth paying. Thus, this factor can assist respective company todevelop the effective strategy like pricing strategy on the basis of operation to achieve theplanned objective of organisation.Value stream mapping: Under this stage, the value of customers are kept at centre pointto determine the task of organisation. Thus, above mentioned company can utilise innovative as2
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