MGT602 Entrepreneurship Assignment 02

a. What could Tanveer have done to avoid this situation?
Solution:-
First of all, Tanveer should diagnose the actual problem and should sort out accordingly after understanding it. He should hire a specialized/ skill worker how could work and analysis the problems on behalf of Mr. Tanveer. He could monitor the business and should keep proper check and balance for all the operations and transaction of business. If He had sound knowledge of business and duly interactive with the business activities. It is hoped the situation would be different in that situation. He should have proper knowledge, which should be updated or should employed his own agent, how may inform about the business activities on the regularly or has parallel setup for activities alerts.
b. What are his options after the fact?
Solution:-
After disclose of the fact that Mr Partab Singh was diverting company resources for personal use, even taking some of the construction material purchased by the company and using it to build his own house. It is first option for Mr Tanveer to negotiate with Mr Partab Singh for the recovery of losses faced by the business after using it for personal purposes. If the process of negotiation seems to be unfruitful he should use the mediation for this purpose who can force Mr Partab singh to payback the amount used by Mr Partab Singh. Other type of dispute resolution techniques are time consuming and expensive too.

MGT613 – Production and Operation Management Assignment No. 1

1. Describe the major factors you will consider in the design strategy of that specified product.
Following factors will be considered while designing my product “Fresh Fruit Juices” for effective, smooth and reliable functioning and operations of my organization.
• Cost of my product will be very economical and affordable backup with quality.
• My product will be quality products and will satisfy the customer’s taste.
• Time consume in its production will be managed appropriately and will put the fresh product in the market for sale.
• This product will be satisfied the customers’ need and sustain customers’ value.
• Our quality product will be our competitive advantages.

2. Being an Operations Manager what would be your major objectives while designing that specified product?

Major objectives
Being an Operation Manager of “Fresh Fruit Juices” my major objectives will be as under:-
• The main objective is to satisfy customer as well as also delight them and making them loyal towards our product. Our product “Fresh Fruit Juices” is perfect to the customers need.
• It can be said that our juices are conversion of need and want of customer Cost.
• If we offer quality product with low cost, we may achieve attention of our target market very fast and make them loyal to our product.
• We know that our customer preferred orange juice, apple juice and mango juice, we provide them.
• We are providing them a high quality product at their door step.
• We will also have to consider the pricing strategy of our competitors.

MGT613 – Production and Operation Management Assignment No. 2

Q. HiStars a manufacturing company deals in manufacturing computers. Marketing, Finance and Operations are three important departments of the Company. The functions of these departments are interrelated and can’t carry without each other in maintaining their production process.
Describe the importance of each department to the other.
Describe why it in necessary for an Operations Manager to have the knowledge of Marketing and Finance.

Ans: A.
Marketing
Knowledge of each department is very important for an Operation Manager. Marketing deals with selling of products/services of an organization to its potential customers. This is done through promoting the product or services and pricing decision. Marketing function relates to get information regarding products or service demands and inform the Operation Manager for fulfillment of customers’ demands. In computer manufacturing company it is essential to access the market demand and increase it by promoting the product at a right price. For the purposes of advertising finance department manage funds.
Operations
Operations department is responsible of all the activities carried out for the production of products or services of an organization. This is department which produced products or service for the use of its consumers according to their needs. Operations department is also responsible for the maintaining the quality of goods or service. For the production of goods or services finance department arrange all type of raw material and other type of resource for the production of goods or services and marketing promotes these products and may increase its sale.
Finance
The finance department focuses on the arrangement of funds for all the activities of the business and secured the business resources and all these resources are allocated accordingly for the productivity of business. If all the business resources are allocated effectively and efficiently business can get better profit or return on its resources. Operations and marketing department exchanges its information with finance department for funding and financing its activities.

B.
It is necessary for an Operations Manager to have the knowledge of Marketing and Finance because of following reasons.
• For better operation activities
• For fulfillment of market demand by increasing the productivity of the business
• Better planning of resources and operations of the department
• If the operation Manager have the knowledge of finance he can use the available resource for the production process and can ask for more funds.
• Can assess the market demands and customers’ feedback.
• Can increase the quality of product by obtaining the feedback of the customers.