About This Chapter
Solving Operations Problems - Chapter Summary
Discover more about the ways to solve operations problems through the engaging lessons in this chapter. You can learn about control charts, rough cut capacity planning, forecasting in business and more. All of the lessons are mobile friendly, so you can access them in the comfort of your home or on the go with your mobile device. By the time you finish reviewing these lessons, you should be able to:
- Discuss applications of the queueing theory
- Understand how to analyze operations management systems
- Review the different types of control charts, like p-charts and R-charts
- Identify the OC Curve and how it is used in operations management
- Explain how simulation modeling is used in operations
- Comprehend the sequencing rules
- Identify examples of rough cut capacity planning
- Explore what sub-optimization is and when it occurs
- Define disaggregation and its uses in operations management
- Describe the models used with forecasting in business
- Outline how forecasting is used in a business
- Determine how financial ratios are used to predict financial performance
1. The Structure of a Waiting-Line System & Queueing Theory in Business
In this lesson, you'll learn why companies set up both virtual and physical waiting lines, and explore the different ways that those lines affect customers.
2. What Are Control Charts for Variables?
It's important for companies to understand how elements of their business change over time. One way to do that is to construct a control chart. Watch this lesson to find out more about control charts for variables and how they can be used.
3. Operating Characteristic (OC) Curve: Definition & Uses
Defects happen. How many are acceptable in a given lot of product? This lesson will define a quality control tool, the operating characteristic (OC) curve and provide examples of it in use.
4. Disaggregation in Operations Management
There are times when an operations plan needs to be detailed right down to specific time frames and product amounts. This lesson will define disaggregation and its uses in operations management.
5. What is Forecasting in Business? - Definition & Models
Being able to predict what is coming next is an invaluable skill for a business. In this lesson, we look at how businesses use forecasting to make the best possible plans for the future.
6. Forecasting: Strategic Role, Components & Types
Until companies can acquire a crystal ball in order to look to the future, the best they will be able to do in trying to predict their next moves comes from forecasting. In this lesson, we look at how it is used and the different types.
7. Important Ratios in Financial Forecasting
Financial ratios are a quick way to review a company's financial performance and compare it with others. This lesson will review a few select financial ratios to show how they are developed and how they can be used to forecast future performance.
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