Production & Operations Management

Course Description

Introduction – Description of Production Systems. Demand Forecasting. Presentation of the Modern Supply Chain and its Coordination. Quantitative and Temporal Production Planning. Inventory Management and Replenishment Policies. Determination of Optimal Production or Order Quantity. Pricing and Revenue Management. Discount Planning. Decision-Making Processes under Uncertainty.

The course includes analysis of basic business processes that make up the dynamic operational structures of businesses and organizations, such as product-service design, demand forecasting, time and quantity resource planning, supply chain coordination, and revenue management.

Learning Outcomes

In today's highly dynamic business environment, the need for effective management of operations and processes is essential. Abnormal and emergency situations are increasing, in which businesses and organizations must make immediate decisions before it is too late. Recent examples include the pandemic, Brexit, and the closure of the Suez Canal, where businesses found themselves in "uncharted waters" regarding their future and customer service and pre-agreed contracts. The modern business must be able to deal with the changes occurring in the environment in which it operates and have the appropriate personnel who will make the right decisions at the right time. Both immediate decision-making and the quality of these are key factors for each business to form a competitive advantage, contributing to its sustainability and profitability.

The course aims to introduce the student to issues related to the design, programming, control and optimization of processes through which finite resources (such as raw materials, human resources, energy, etc.) are transformed into products or services of specific specifications. Essentially, the aim is to make decisions related to production processes, so that the products produced or the services offered are in accordance with the specifications, the quantities required by the market, within specific deadlines and with the company's schedule, at the lowest possible cost.

Upon completion of the course, students will be able to:

• Understand the scope, tasks, “building blocks” of Operations Management, and its international dimension. Analyse how organizations function from a process perspective of interconnected tasks and activities that often span geographical borders,
• Understand, apply, analyse, and evaluate a variety of qualitative and quantitative tools and methods used to address and solve operations, process and supply chain problems and inform decision-making in support of the strategic priorities of an organization,
• Analyse and appraise how operations impact on competitiveness, productivity, and strategy in organizations with both local and global presence
• Evaluate state-of-the art operations concepts and strategies with the objective to develop strategic recommendations for improving operations and design appropriate supply chain strategies for products/services with distinct characteristics of demand and supply.