Join Eddie Davila for an in-depth discussion in this video Key inventory decisions, part of Operations Management Foundations.
- Do you get you drinking water out of the faucet,…or do you buy bottled water?…Let's say you buy bottled water.…How do you buy it?…Cases of 24 bottles?…One gallon jugs?…Or maybe you refill a five gallon container…at a water station.…Let's keep it simple and say you buy the one gallon jugs.…How many would you buy at a time?…Well first, you'd probably need to know…how much water is needed at your house each day.…Let's say you household goes through one gallon per day.…Okay. Now we know the demand.…
How many would you by at a time?…Five at a time?…Maybe seven?…Sounds reasonable.…If you go to the grocery store once a week,…get the seven gallons you'll need…before your next grocery visit.…Buy why not get all the water you need…at one time for the year?…Why not get 365 gallons of water at once?…Let's explore that really odd option.…What would have to happen?…Get to the store and grab a cart.…Well, probably a convoy of carts.…
Push your convoy of carts down the water aisle…as people stare at you and probably laugh at you, too.…
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- Understanding operations management
- Making key inventory decisions
- Balancing holding costs and ordering costs
- Choosing a production strategy and facility layout
- Managing waiting-line systems
- Defining quality and improving quality
- Managing business processes
Skill Level Intermediate
1. Introduction to Operations
2. Managing Inventory
3. Managing Production of Products and Services
4. Managing Waiting Lines
5. Managing Quality
6. Operations at the Office
Wrap up2m 52s
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