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Introduction Innovation in Operations management refers to operational innovation. It is the practice of evaluating and developing new techniques to improve the existing business process. This approach of operational innovation is not restricted to a specific department or functional unit. It runs across the entire organization at all levels to review and revise all process and ongoing systems for advancement. It is used in conjunction with enhancing customer service, launching a new product or service or to intensify marketing strategies. Operational innovation puts new processes in place and does not limit its scope to routine performance improvement practices. It is ... Read More
Introduction Forecasting in operations management is the systematic technique used to predict future outcomes based on historical data. Business forecasts are a necessity for productively planning the operations of a company. Forecasting the required raw materials, workforce capacity, and energy requirement along with other requisites are essential for the smooth functioning of operations management. Various methods and techniques and different types of forecasting are put to use in organizations based on their requirement and resultant outcomes. An elucidation of the variety of forecasts used in operations management and its implementation is brought out here. Forecasting Models in Operations Management Forecasting ... Read More
Introduction Forecasting the technique by which past and present data is analysed to plan for future. There are various types and ways of carrying out business forecasts depending on the objectives and desired outcome. It can be done to arrive at a general business forecast or can be applied to forecast specifically to predict departmental outcomes. It can vary from forecasting sales for a consecutive month to predicting the rate of demand during festive seasons. Companies use a wide range of techniques and methods to for business forecasting. It can be predictions related to sales, expenses incurred, revenue or profits. ... Read More
Introduction The term ‘ethics refers to moral philosophy that emphasizes on the aspects of values and distinguishes between the better and worse. It is all about the rules of human behavior and the foundations of moral principles of life. The conceptual meaning of ethics revolves around three main divisions that include descriptive morality, ethical theory, and applied ethics. When the first division deals with the cultural background the second one focuses on moral concepts and principles. The third division of applied ethics deals with the ethical issues in our society. This applied ethics is related to the business arena where ... Read More
Introduction Business Process Reengineering (BPR) is a management tool to radically redesign the existing operational process and structure as a whole in order to obtain a substantial increase in business outcome. Role of BPR mainly focuses on analysing the intra and inter-organizational work flows, eliminate tasks that do not enhance performance or customer value and optimize the entire business process. Information technology is an integral part that caters to automation and networking linked processes that boost BPR initiatives. The result or effect of a BPR implementation would ideally result in trimming inefficient or replicated processes, bringing down costs and revamping ... Read More
Introduction Business process improvement is the constant effort of every organization alike. Process improvement leads to better efficacy and success. There are many management concepts developed and remodeled with a view to achieve optimal business outcome. Two such concepts related to boosting performance are Business Process Management (BPM) and Business Process Reengineering (BPR). Though both BPM and BPR facilitate business improvement, they are significantly different from each other. The various characteristics that distinguish BPM from BPR are detailed here. Business Process Management vs. Business Process Reengineering A group of activities that help to achieve a business goal ... Read More
Introduction Anything that helps a company to attain an edge over its competitors and attract more customers to spread its market space is termed as competitive advantage. There is a general misconception that only big business houses and global brands enjoy competitive advantage. In reality, small businesses have its own competitive advantages in the market. Small businesses are practically more agile than big businesses. They adapt quickly to volatile markets and customer preferences. Small business operates closer to its customers and hence enjoys the advantage of observing changing preferences of customers and acquiring real time customer feedbacks. This article discusses ... Read More
Introduction Operations management is the area of management that caters to the entire system of operations in an organization. It deals with all the activities that range from planning and organizing to ensuring efficiency in entire business operations. It has its role spread across all verticals of organizations whether manufacturing or service industries. Basic inputs of operations management involve tangible and intangible resources. Here, various tasks are carried out to convert these set of resources into a fruitful output through a transformation process. This process of converting labour and raw materials using correct tools and techniques into final products or ... Read More
The problem statement includes printing the position of n among the numbers made of 2, 3, 5 and 7, where n will be any positive number given by the user. The numbers made of 2, 3, 5 and 7 means this will be the sequence of the strictly increasing numbers which comprises only digits 2, 3, 5 or 7 i.e. first four prime numbers. The first few numbers of the sequence where all numbers have only 2, 3, 5 and 7 as their digits are 2, 3, 5, 7, 22, 23, 25, 27, 32, 33, 35, 37, and so on. ... Read More
We will explore Java Math incrementExact(int x) method by using the function in Java and understanding its different functionalities. An incrementExact() function is an in-built function in Java in the Math library. This function is used to return a value equal to the parameter passed in the function increased by 1. The function returns an exception due to integer overflow if the value of the integer passed in the function as an argument overflows depends on the data type passed in the function i.e. either int or long.Syntax Syntax of the function − int a; int incrementExact(a); long a; ... Read More