Operations Management: Organization and Analysis

Go to Course: https://www.coursera.org/learn/operations-management-organization-and-analysis

Introduction

### Course Review: Operations Management: Organization and Analysis on Coursera In today's dynamic business environment, understanding the intricacies of operations management is crucial for navigating the challenges faced by organizations. "Operations Management: Organization and Analysis" offered on Coursera is an insightful course designed for both aspiring and seasoned professionals eager to enhance their operational acumen. #### Overview The course provides a comprehensive exploration of operations management, emphasizing its integral role in both manufacturing and service-focused organizations. You will engage with real-world decision-making frameworks and techniques that facilitate informed choices at various organizational levels. From high-level strategic decisions to tactical front-line operations, the course content is structured to equip learners with the necessary skills to connect processes with customer needs effectively. #### Course Structure and Syllabus The course is divided into several modules, each targeting specific aspects of operations management: 1. **Course Orientation & Operations Strategy** In the initial module, participants are welcomed by the expert instructors and introduced to the course framework. This section covers the significance of operations management while guiding learners to formulate and implement strategies that align with both business objectives and market requirements. 2. **Process Configurations and Analysis** This module delves into different process arrangements, emphasizing how various configurations can influence organizational performance. By learning to analyze these processes, participants gain insights into performance metrics and how variability impacts operations. 3. **Inventory Management Concepts** Understanding inventory management is integral to effective operations. This section covers essential concepts such as holding and ordering costs, including how key decisions like order quantity and reorder points influence overall inventory costs. Participants learn foundational tools crucial for tackling more complex inventory scenarios. 4. **Inventory Management Applications** Building on previous knowledge, this module tackles the complexities of managing inventory under uncertain demand conditions. By learning about demand distributions—especially the Normal distribution—participants gain the skills necessary to make critical inventory decisions related to order quantities, safety stock, and service levels. This module is particularly valuable for real-world applications in diverse operations settings. #### Course Experience The course is designed to be interactive, combining theoretical knowledge with practical applications. It appeals to a broad audience, from students seeking foundational knowledge to professionals looking to refine their operational strategies. The blend of video lectures, case studies, and quizzes foster an engaging learning environment, while real-world examples help bridge the gap between theory and practice. #### Recommendations "Operations Management: Organization and Analysis" comes highly recommended for anyone aiming to deepen their understanding of operational frameworks in any organizational context. Whether you are a manager needing a clearer perspective on operations or an entrepreneur looking to streamline processes in your startup, this course lays a solid foundation. Moreover, the decision-making skills acquired from this course are invaluable in any career path. As organizations continually seek to optimize their operations, this course provides the technical knowledge and analytical skills necessary to contribute effectively. In summary, if you are looking to enhance your operations management skills, meet market demands, and make informed decisions that align with strategic objectives, consider enrolling in "Operations Management: Organization and Analysis" on Coursera. It’s a worthwhile investment in your professional development that will undoubtedly pay off in your career.

Syllabus

Course Orientation & Operations Strategy

In this first module, you will be introduced to the instructors and the course. Next, you will learn about the significance of operations management, and how to formulate and implement an operations strategy that is aligned with the business strategy and with market requirements.

In this module, you will learn about types of process arrangements and the implications of adopting each one. You will learn to analyze the performance of processes and of the activities within the processes, and to recognize the impacts of variability on processes.

In this module, we will learn about the importance of inventory management in operations settings. Inventories entail several costs such as holding and ordering costs. These costs depend on key decisions such as order quantity and reorder point. We will learn how the different types of costs depend on inventory decisions. We will also discuss the trade-offs associated with inventory decisions and how to make optimal decisions related to inventory management. This module is focused on simple inventory scenarios where demand is fixed and known. The learnings from this module are important because it provides key basics of inventory management which are important in learning and mastering more complex decision scenarios

In this module, we extend the learnings from the previous module to more complex scenarios of inventory management, namely, when demand is uncertain and cannot be predicted with certainty. First, we learn how to measure uncertainty in demand using demand distributions – particularly the Normal distribution, which is the more common demand distribution used in practice. Second, we will learn about the decision tradeoffs in managing inventory with uncertainty, namely, between service levels and costs of inventory. The key decisions related to managing inventory with demand uncertainty are order quantity, reorder point, safety or buffer stock levels, and frequency of inventory review and ordering. Upon completion of this module, we will gain knowledge and expertise in making these decisions optimally using different inventory policies such as continuous review policy and periodic review policy. This module is important for managing inventories in most operations settings in an efficient and effective manner.