Operations Management: Scheduling and Inventory Analysis

This report provides a comprehensive analysis of operations management, specifically focusing on Midland Steel Reinforcement Supplies GB Ltd. It explores how operations scheduling techniques, such as first-come-first-served, shortest processing time, earliest due date, and critical ratio, can be utilized to formulate effective plans for organizing work within a manufacturing environment. The report emphasizes the importance of understanding operational management plans and their role in supporting strategic goals. It delves into layout planning, highlighting its impact on productivity, communication, and cost reduction. Furthermore, the report examines the significance of work system processes and their integration with layout planning. A crucial aspect of the report is the detailed discussion on inventory management policies and their role in controlling production costs, maintaining liquidity, and enhancing profitability. The analysis underscores the need for effective inventory control practices to ensure competitiveness within the business landscape.

Operations
Management
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INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
How operations scheduling techniques have been used to formulate a plan when organising
work, clearly explaining how knowledge of layout planning and work system processes
within a business organisation have been applied. The importance of inventory management
policies for controlling production costs must equally be evidenced.....................................3
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................9
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INTRODUCTION
Operations management is mainly associated with planning, organising and supervising in
relation with production, manufacturing and procurement of products and services. It is mainly
delivery oriented aspects that allows organisation to effectively turn raw material and labour into
finalize products and services (Xiang and Liu, 2021). Operation management is having
responsibility to effectively manage production process of goods and services in which all the
resources are required to be effectively utilised for maximum output. Operations management
plays crucial role that allows company to conduct their business operations in cost effective way
while reducing unnecessary wastage. Present report has been conducted on Midland Steel
Reinforcement Supplies GB Ltd which is conducting its operation in United Kingdom. This
company offers variety of projects by emphasising upon innovation and efficiency with the use
of latest technology. Present report is conducted on the manner in which operations scheduling
techniques can be effectively utilised by organisation in planning while organising works. Report
involve explanation of the concept of layout planning and work system processes within an
organisation along with it application. Report also include inventory management policies
importance for controlling production cost.
MAIN BODY
How operations scheduling techniques have been used to formulate a plan when organising
work, clearly explaining how knowledge of layout planning and work system processes
within a business organisation have been applied. The importance of inventory
management policies for controlling production costs must equally be evidenced.
Operations scheduling techniques in organising work
Scheduling and workplace planning performs essential role in operation planning as well as
designing. Operations scheduling and workplace planning is mainly implemented in the process
of transformation of input to output. It has been analysed that operation scheduling mainly deals
with production related to required quantity of product in set time frame. It has been analysed
that operations scheduling is done in order to make sure continuous jobs scheduling and
completion of job (Saffre and Hildmann, 2021). It has been determined that an organisation
engaged in manufacturing operations faces many major challenges for which it is essential for
organisation to implement effective technology in order to improve their scheduling
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effectiveness. It is essential for an organisation to effectively implement operations scheduling in
order to assign jobs for operation to right labour resource or machines. With the help of this they
can make sure that production is undertaken in appropriate time with the utilisation of available
resources at great extent. Furthermore, it has been underlined that operations scheduling help
company to maximize their revenue while reducing overall production time. Operations
scheduling is having many objectives such as minimising resource utilisation, decrease in
manufacturing time, inventory minimization, service level improvement, optimising efficiency of
labour and enhancing profitability and outputs (Coelho and Silva, 2021). It is important for an
organisation to implement different types of operations scheduling techniques in order to
accomplish their manufacturing process within appropriate deadline while reducing production
timing. There are different types of operation scheduling techniques such as, first come first
served, in this organisation required to produce a single item or product which require similar
processing time. In this company with the help of implementing first serve first approach
scheduling can only produce product when it is ordered by customers. In addition to this shortest
processing time is also scheduling technique in which organisation can produce products in a
quickly manner in a short span of time. In this technique company is required to prioritise job
which can take less amount of time. With the help of this technique organisation can reduce the
time that is lost when there machine switches between jobs. Furthermore it has been underlined
that earliest due date is also an effective scheduling technique which is mainly based upon
ordering production job based upon deadlines. In this company is required to work upon the
product which is near to due date. However this approach is effective for the organisation
engaged in one product manufacturing with varying shipping deadlines. In addition to this slack
time remaining is a technique which is mainly determined through mathematical equation. In
this company is required to subtract the time in order to develop the product from the time it is
due. In this product with the smallest time slacks remaining is scheduled first. This is the most
effective method through which organisation can engaged in manufacturing process and can
meet deadlines effectively. Along with this critical ratio is an also ineffective technique through
which company is required to divide the processing time from the remaining time. With the help
of all these operations scheduling techniques Midland Steel Reinforcement Supplies GB Ltd, can
effectively organise work and can formulate a plan in order to run their manufacturing process.
Understanding of operational management plan
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Operations management plan is termed as a plan which is mainly prepared within an
organisation. This plan effectively elaborate activates that are required to be undertaken in order
to provide support to strategic plan and objectives for upper management. It is essential for an
organisation to effectively plan, organise and supervise process and undertaker effective
improvements as to enhance overall profitability as well as productivity. Operational
management plan allows company to support Midland Steel Reinforcement Supplies GB Ltd
strategic goal on every day basis (Natarajan and Gokulachandran, 2021). This plan effectively
facilitate organisation to take in-depth analysis as well as measurement of current process.
Furthermore, it has been underlined that operational plan is termed as a strategic document that
effectively determine the manner in which various teams or departments such as finance,
recruitment, marketing will contribute in different objectives and goals of organization. It has
been underlined that it effectively summarises each and every day activities which is essential for
Midland Steel Reinforcement Supplies GB Ltd to undertake. It is essential for an organisation to
undertake advantage of effective operational plan in order to overcome the risk related to budget,
unnecessary wastage of time and more. With the help of operational planning organisation can
effectively map out department budget through which strategic objectives of organisation can be
accomplished with team based activities. With the help of this plan company can assign task
according to specified dates with the help of measuring goals for success. It also helps in
reporting issues through which company can reach its benchmark. According to the analysis it
has been identified that operational planning have significant impact upon team members
through which organisation can assure profitability. In order to effectively develop operational
plan company is required to emphasize upon allocation of funds resources and staff in order to
utilise them in optimum manner. Furthermore organisation is also required to make sure that
operational plan progress is being continuously reviewed by stakeholders, leadership and other
departmental heads (Latte and Javalagi, 2021). It will help in adjusting operational plan
accordingly. There are different types of operational planning software that can be undertaken by
company that acts as dynamic tools through which company can plan project, track their
progress, assign work and make changes within them in an effective manner. Thus, according to
the above mentioned analysis it has been identified that operational plan is termed as a procedure
that an organisation undertake that clearly define actions which is essential for company to
undertake. With the help of taking advantage of effective operational plan organisation can
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effectively improve plant workflow, acquire faster or more efficient equipment and machinery,
reduce inventory level, reduce wastage and can further enhance efficiency of their organisational
procedures.
Layout planning and work system processes within a business organisation
Layout planning is defined as process in which company design best physical arrangement of all
of their resources that consume space within facilities. These resources can be in the form of
individual, department, work centre or cabinet. There are mainly five stages of layout planning
that are schematic design, design development, construction document, and building and
construction observation. It is essential for Midland Steel Reinforcement Supplies GB Ltd to
effectively engage in the process of arrangement of resources as it is having direct impact upon
productivity of company (Gakpo, 2021). Layout planning plays essential role that helps in
building good working relationship and further improve communication while increasing flow of
information. Negligence in proper layout planning may lead organisation to face many
challenges in terms of increase in cost, poor communication, confused and frustrated consumers
and information flow. Layout planning act as an essential aspect in operation management, as it
helps in designing best physical arrangement of all the available resources within an
organisation. It is essential for Midland Steel Reinforcement Supplies GB Ltd to engage in the
process of effective layout planning in order to conduct the process of physical arrangement of
store and work areas, equipments or departments. Entities within typical manufacturing is
required to arrange the following components such as production area, maintenance and
production support, front area, shipping and receiving, employees service and amenities. With
the help of proper arrangement of all resources organisation can effectively arrange equipment,
individual, material and processes so that work flow can be managed in the smooth manner. It
has been identified that level layout planning facilitate organisation to accomplish appropriate
product or service quality while eliminating waste with the help of effective use of resources and
workers. In addition to this it has been identified that layout planning also help organisation to
eliminate bottlenecks in their service and product flows. It also assists company to reduce
manufacturing and material cost in an effective way. Layout planning also helps company to
improve productivity while reducing utilisation of production capacity. It also helps company to
be reduced accident as well as health hazards that further ensure safety of employees. With the
help of taking advantage of effective layout planning company can reduce consumer waiting
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time and can make control and supervision easier. Layout planning is a strategic design that
affects efficiency as well as cost of manufacturing as well as warehousing operations of an
organisation. With the help of proper physical arrangement of different aspects company can
enhance consumer service quality and can further undertake advantage of more opportunities in
order to make improvement in their operating effectiveness (Silal, 2021). There are different
types of layout such as process layout, product layout, and fixed position layout. This entire
layout helps company to manage high value of production with the help of supervisory cost.
In addition to this it has been identified that work system process is defined as a series of steps
which is accomplish to fulfil task that result in some output. It is essential for a company to
improve effectiveness of their work process with the help of enhancing participation of humans
or machines, with the help of technology, information and other resources. In order to produce
services and products work processes play important role as it effectively describe the manner in
which things can be done for better and successful outcomes (Cozzolino and Moroni, 2021). It is
essential for company to emphasize upon the understanding of layout planning in work system
processes and effectively apply them in business operation. Proper implementation of both of
these processes will allow organisation to manage resources at great extent through which
successful results can be assured while reducing wastage.
Importance of inventory management policies for controlling production costs
It is essential for a business organisation to undertake effective practices of inventory control in
order to stay competitive. With the help of inventory management policies and measures
Midland Steel Reinforcement Supplies GB Ltd can effectively maintain minimum inventory
level and can effectively manage organisation liquidity situation. With the assistance of
inventory management company can also keep their production cost down and can further
enhance profitability in an effective manner. It has been identified that inventory management
also facilitate organisation to keep their customers highly satisfied by providing them products
and services on time. Inventory management mainly encompasses various aspects which are
associated to company supply chain (Botchie, Damoah and Tingbani, 2021). With the help of
effectively inventory management techniques, company can track raw materials and can further
manage suppliers and customers along with product pricing, order fulfilment return and other
activities. Inventory management is associated to handling of inventory from sourcing to order
fulfilment. With the help of inventory management practices, Midland Steel Reinforcement
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Supplies GB Ltd can control that production cost in an effective manner and can further optimise
operational efficiency. It also facilitates organisation to have right quantity of safety stocks and
further reorder right level of products. With the help of this company can also avoid guesswork,
business disruption and human errors. Inventory management facilitate company to effectively
prepare for unexpected supply outrages, seasonal spikes through which customer satisfaction
level can be effectively maintained. With the help of proper inventory management organisation
can bring potential savings and can gain monetary and real-time benefits. It helps company to
reduce production costs through which organisation can undertake cost effective business
operations. Furthermore, it has been underlined that inventory management strategy also aid
business organisation to save their money and further facilitate purchase economy. It has been
underlined that inventory management strategy allows company to improve accuracy of
inventory order, have organised warehouse and enhance overall productivity of organisation at
great extent (Paciarotti and Valiakhmetova, 2021). With the help of proper inventory control,
company can save time and money and enhance satisfaction level of customers. There are
different type of inventory management policies such as periodic review, order up-to policy,
continuous review, fixed order quantity policy and more. Midland Steel Reinforcement Supplies
GB Ltd can also undertake advantage of effective inventory management strategies such as just
in time. With the help of this organisation can not only enhance effectiveness of inventory
management but can also reduce order cost. Just in time inventory model allows organisation to
develop product according to the demand schedule. This model mainly relies on manufacturers
having raw material on hand but not actually creating products until the demand comes in. With
the help of this strategy company can keep overhead cost low. Inventory management plays
essential part of organisation success. Thus, it is essential for company to take advantage
effective inventory management techniques as it benefits them to have effective control upon
their production costs (Atkin and Brooks, 2021). It has been evaluated that Just in time is having
certain advantages such as, Less space needed, Waste reduction and Smaller investments.
However, this approach also has disadvantages in terms of Risk of running out of stock, Lack of
control over time frame and it requires more planning. However it has been underlined that If run
properly, JIT inventory management is seen as one of best ways of managing inventory. While it
is not without risks, it has significant rewards and is ideal for those who are able to plan carefully
in advance and build strong relationships with suppliers.
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It has been evaluated that inventory management policies effectively improves business activities
with the successful progression of services as well as products. Furthermore, it has been
underlined that inventory manager helps organisation in controlling of business stock or
controlling the development products movement as well their demand. This has been underlined
that inventory manager are profoundly useful in the present business world as it makes an
essential contribution in any business achievement (Griffin, 2021). Proper management of
inventory allows Midland Steel Reinforcement Supplies GB Ltd to assure more competitive
growth in respective industrial sector. It has been identified that with the help of effective
inventory management policies organisation can assure item quality, make significant
improvement in competitiveness, reduce unnecessary wastage, lower down stock conveying
costs by diminishing inventories, administration improvement, and operational adaptability
through pull frameworks. Inventory management policies act as an effective measure or
methodologies that coordinates all administration operations such controlling, arranging, and
planning.
CONCLUSION
As per the above mentioned report it has been concluded that operation management plays
essential role through which organisation can overcome business challenges as well as issues in
manufacturing and production process. It effectively facilitates company to conduct cost
effective process through which higher benefits can be attained. It is essential for a company to
engage in the process of effective operational management plan in order to control the
production process. Inventory management policies also help organisation to implement
effective measures through which better management of inventories can be done that facilitates
company to enhance effectiveness of their operations. Just in time is one of the most effective
inventory management policy that allow organisation to strengthen their inventory management
through which production process is done in cost effective manner. It effectively allow
organisation to assure higher growth and long-term success while assuring maximum level of
consumer satisfaction.
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