What are the solutions to these questions previously asked on the site?
1. (20pts) Discussion Questions <?xml:namespace prefix = o ns = “urn:schemas-microsoft-com:office:office” />
a. Whatis Operations Management? What is the difference between effective process andefficient process?
b. State the relationship between CorporateStrategy and Operations Strategy. Can you illustrate the above by one or twoexamples?
c. In the Littlefield simulation, the high revenue contract could notbe met with a batch size of 60 (the batch size the game is initializedwith). Explain why reducing this batchsize may help in meeting the high revenue contract. Following this reasoning, why shouldn’t thebatch size be as small as possible (so break each lot into 5 batches of 12) inthe game?
2. (20pts) One Hour Loan offers customizedloans. Customers call a toll free number with a specific loan request, andobtain a response within an hour. One Hour Loan’s business process includesfive activities which must be conducted in the sequence described below. (Thetime required for each activity is shown in parenthesis):
Activity 1: Answer customer call and record key information. (4 minutes)
Activity 2: Gather and format the information (obtain creditscores, organize customer specific needs) for analysis (5 minutes)
Activity 3: Analyze the information: Check the credit worthiness,and decide loan amount and APR to offer. (7 minutes)
Activity 4: Perform final checks on loan offer (2 minutes)
Activity 5: Call customer back with the new loan offer and close.(4 minutes)
The whole process is conducted bythree workers in a worker paced line. The assignment of tasks to workers is thefollowing:
W1 does Activity 1.
W2 does Activities 2 and 3.
W3 does Activities 4 and 5.
a. What isthe bottleneck of the process?
b. How muchtime will it take to process 100 loans? (Assume that the process starts with astable production line)
c. What is theutilization of worker 3? (You can assume that the process operates at capacityand you do not have to consider any empty system effects)
d. What isthe average labor utilization of the workers? Assume the process operates atits capacity and there are no empty system effects.
3. (8pts) The following table shows financial data (year 2006) for Dirt CheapWholesale and Kwiki-Mart, two US retailers.