Production management

BCO214-PRODUCTION MANAGEMENT Mid-Term assignment brief & rubrics

Task

Students are required to develop a report addressing the four specific tasks set out in the guideline below. Your report should be 2000 words, excluding Title,

Abstract, Table of contents, Bibliography and Appendices.

Task briefing:

QUESTION 1. (40%)

For the supply and storage of components in companies, Production Managers have to implement the most efficient strategies.

a. Explain the most common Inventory Control systems implemented by companies.

b. Say examples of some of the companies where these systems are implemented and the profits that they have reached.

c. Compare these systems and explain the advantages and disadvantages of each one.

QUESTION 2. (60%)

One of the Toyota plants must decide how many of a particular type to order for manufacturing automobiles.

The company plans to produce 300,000 cars in the next year. All cars planned for production use the same wheels (4 units per car); therefore, demand for the

wheels for the next year is known to be 1,200,000 units. The purchasing agent wants to know how many wheels to buy at one time. Historically, wheels have been

received half a day (lead time) after they were ordered. It costs € 50 to order wheels, and the holding-cost fraction used by the auto company is 20 % per year.

The wheels cost € 25 each.

a. Compute the Economic Order Quantity. b. What is the number of orders per year? c. What is the frequency of orders? Assume the company works 365 days a year. d. What is the reorder point? e. The company works with a Safety Stock of 0.75 days. What is the level of this stock? f. What is the Average Stock? g. What is the total Holding Cost? h. What is the total Ordering Cost? i. What is the total Cost of Stock Management? j. Draw the evolution of stock in time (the stock chart).

Formalities:

• Word document.

• Wordcount: 2000 words.

• Cover, Table of Contents, References and Appendix are excluded of the total wordcount.

• Font: Arial 12,5 pts.

• Text alignment: Justified.

• The in-text References and the Bibliography have to be in Harvard’s citation style.

Submission:

• Week 9: Via Moodle (Turnitin).

• Deadline: 28th November 2021 at 23:59 CEST.

Weight: This task is a 30% of your total grade for this subject.

It assesses the following learning outcomes.

On successful completion of this course, students will be able to:

1. Understand the production management within operations management.

2. Describe operations processes design and their management to contextualize and improve production performance.

3. Assess lay out design and evaluate facility location.

4. Understand productivity control components and measures.

Rubrics

Exceptional 90-100

Good 80-89

Fair 70-79

Marginal Fail 60-69

Fail <60

Knowledge & understanding

(30%)

Student effectively employs a variety of relevant theoretical paradigms/models and data for analysis. Student engages with theory/data in a critical manner.

Student employs relevant theoretical paradigms/models and data for analysis (a few key aspects might be missing). Student makes an attempt to engage with theory/data in a critical manner.

Student employs some theoretical paradigms/models and/or data for analysis (although some key aspects might be missing). Student may be unsuccessful in attempts to engage critically with theory/data.

Student employs a limited range of theoretical paradigms/models and/or data for analysis (key aspects are missing, some irrelevant). Student makes little attempt to engage with theory/data in a critical manner.

Student employs insufficient and irrelevant theoretical paradigms/models and/or data for analysis. Student makes no attempt to engage with theory/data in a critical manner.

Calculations & observations

(30%)

Student calculates a range of ratios well and draws appropriate observations from them.

Student calculates several ratios (may make some minor errors), but draws largely appropriate observations from them.

Student calculates some ratios with some errors. Student attempts to draw observations from them, some of which are appropriate.

Student attempts to calculate ratios but with several errors. Observations drawn are limited and may be inappropriate.

Student does not calculate any ratios correctly and draws insufficient and inappropriate observations from them.

Critical discussion &

formulation of solutions

(30%)

Student effectively leads discussion towards strong theory/data- driven solutions.

Student makes a good attempt at leading discussion towards theory/data-driven solutions.

Student makes a fair attempt at leading discussion towards theory/data-driven solutions.

Student makes an attempt to lead discussion towards solutions with limited reference to theory/data.

Student fails to lead discussion towards solutions. No reference made to theory/ data.

Communication (10%)

Student includes all relevant sections, meeting professional standards of presentation. Correct referencing format.

Student includes all relevant sections, coming close to professional standards of presentation. Largely correct referencing format.

Student includes most relevant sections, but falls short of professional standards of presentation. Some incorrect referencing.

Student fails to submit some relevant sections and/or falls significantly short of professional presentation standards. Largely incorrect referencing format.

Student fails to submit several relevant sections and/or falls significantly short of professional presentation standards. Incorrect referencing format.