Business Development Report: Analysis of Operations Management

This report provides a comprehensive analysis of operations management, addressing different aspects of business processes and project execution. It includes an overview of the core concepts of operation management like the role of 4 Vs (Volume, Variety, Variation, and Visibility) in different types of business and also includes a case study on the comparison of a fine dining restaurant and a fast-food restaurant. It also covers project management and provides a detailed explanation of the project lifecycle, with a specific focus on the project life cycle of a graduation ceremony, including the planning, execution, and closure phases. The report also analyzes the various aspects of project management and provides insights into the tools and techniques used to manage projects. Additionally, it provides a detailed analysis of the different types of project management and their applications. The report aims to provide a thorough understanding of operations and project management principles.

Online exam

Section A
Question Option
1 Activity on critical path
2 A husband preparing a special
dinner for his wife.
3 Risk mitigation
4 Sunk cost
5
6 13
7
8 Work can be repetitive
9 Lower visibility is linked to
lower cost per unit
10
11 Chase management plan
12 All answers are right
13 London Tube
14
15
Section B
Question 1
(1) How long the project will take until completion:
Number of days: 15/12*30
= 37.5 days
2. How much it will cost:
= 14500/12*30

= 36250
Question 2
(a) Number of markers needed: Work content/cycle time
= 230/46
= 5 Markers
(b) Through Put efficiency:
Through put time: WIP*Cycle time
= 230*46
= 10580
Through Put efficiency: Work content/ Through put time*100
= 230/10580*100
= 2.17%
Section C
Question 1
In the operations management four Vs Are Volume, variety, variation and visibility. Basically in
the operations one thing is equal which is that they all take their inputs such as raw material,
capital and equipment etc. Below comparison of a fine dining restaurant and Mc Donald has
been done by using 4Vs in such manner:
Basis Fine dining restaurant Mc Donald
Volume In this organization volume of
operations is less.
On the other side, in this volume of
operations are more.
Variety This entity surely have more number
of varieties of products.
While Mc Donald has a limited variety
of food stuff.
Variation Under this variation of activities is
less.
On the other side, in this variation of
activities is more.
Visibility The visibility of this restaurant is While Mc Donald has higher visibility

less due to lack of popularity. due to worldwide popularity.
Question 2
It is essential to manage different kinds of project in a systematic manner so that project can be
completed in an effective manner. Below key stages are explained with rationale to a University
graduation ceremony:
Initiation: This is the first stage in which project’s goals and objectives are determined. Such as
in the aspect of above University graduation ceremony, first of key goal and feasibility will be
tested as well as outlines will be determined.
Planning- It is the second stage in which plan of project is determined including each activity.
Like in above project this will be done by making plan of each aspect such as number of guests,
students as well as estimated budget etc.
Execution: This is the third step in which above mentioned planned are executed by a suitable
framework. In the context of above project, managers will have to execute all the plans which
they made in above stage. Like welcome of guests, food facility and many more.
Closure- This is the last stage in which project is finished as well as evaluation of project is also
done in order to determine whether project achieved its goals or not. In the context of above
project this will be done by taking feedback from students about facilities during ceremony.