1. Management
The process of dealing or controlling with others.
For example in a office there are 5oo staff and there is no appropriate
management to see their salary , timing and so on.. Then the company
will get huge tremendous loss of irregularity provided in managing section.
Let us discuss more in further slides but keep in mind that management
depends on optimization.
2. OPTIMIZATION
As we discussed about management in first slide but in this slide I want to tell
about what is otimization?
The action of making the best and most effective use of situation and resource.
Ex: let us think you have a company(related to automobile) what is your aim
from the company to get?
1)turnover, profit , production rate , technical upgradation to meet market
requirements and think that the production time should be less in order to make
the profit quick.
In above there are two main terms :-
Production rate and production time.
If we increase production rate the time to deliver the products is decreased.if
there is an increment in production then production rate is minimum.
3. QUEUING THEORY
Queueing theory is the mathematical study of waiting lines, or queues.[1]A
queueing model is constructedso that queue lengths and waiting timecan
be predicted.[1]Queueing theory is generally considereda branch
of operations research becausethe results are often usedwhen making
business decisions about the resources neededto providea service.
AS IN OUR DAILY LIFE WE ARE BEING MORE COMPATIBLEWITH THE FOLLOWING
TERMS :-
λ：the average arrival rate
µ：the average servicerate of a singleservice
P : the probability of n customers in system
n : the number of people in system
5. Network analysis
Well defined sequence of activities to be completed in optimization time.
Critical path method and pert method help to design optimization time
Critical path :- longest path in the network diagram.
Longest path time = project time duration.
Cpm advantages:-
1)giveminimum time for project duration and also tells us about the
information that the extra resource to be provided for which path and for
what process.
Makes project time minimum and saves money.
6. CPM AND PERT
CPM
Critical path method
Determistic time approach
Activity oriented approach
Used for old projects
Single time to accomplish the activity
given.
Permissibledelay is called float
PERT
Programme evaluation and review
technique.
Event oriented programme
Used for innovative project
Activity completion follows three beta
distribution.a)optimistic time(b)most
likelytime(c)passimistic time.
Permissibledelay is called slack.
7. INVENTORY
INVENTORY IS THE SIGN OF INEFFICIENCY AND HIGH RELIABILITY.
A)RAW MATERIAL
B)INPROCESS
C)FINISHED PRODUCT INVENTORIES
8. TERMS USED IN INVENTORY
ANNNUAL
ORDERING COST
HOLDING COST
SPACE RENT
UNIT PRICE
NON OF ORDERS PLACED PER YEAR
9. Economic order quantity
The Economic Order Quantity (EOQ) is the
number of units that a company should add to
inventory with each order to minimize the
total costs of inventory—such as holding
costs, order costs, and shortage costs.
10. ADVANTAGES OF INVENTORY
Suppose think that you are travelling to jammu and you have money
which was enough to fulfill your requirements and think that with you your
friend also came ,in between journey he was severely injured at that u
don’t have enough money to buy medicines .so to face these types of
situations every company involves inventory analysis in every manner.
