Category Archives: Product

Design of Goods and Services

SOS

“Save our Ship” and “Send out Succour “(help & aid)

SOS is the Morse code distress signal (· · · – – – · · ·).  Three dits form the letter S, and three dahs make the letter O.  These may be regarded as mnemonics, but SOS does not actually stand for anything and is not an abbreviation. However, if you have trouble remembering names and the “10 Operations Management Decisions“, mnemonics can be a useful technique.  I make associations all the time to help me remember people names and it is a proven strategy.

It has come to my attention that some students need a refresher in Algebra.  Many of the EBTM 365 calculations assume you understand basic arithmetic.  For example, in Chapter 5 we need to calculate the break even point comparing two vehicles using the Tottal Life Cycle Cost formula

life_cycle_cost

This is a very common question today in our society when trying to decide on purchasing a hybrid or a standard gas guzzler. Generally, consumers pay more for the innovation and the cost of the battery.  Since I am planning to purchase a new car very soon, this is a real question I can apply in my own life… how many miles do I need to drive before the purchase price evens out?

I currently lease a 2012 Hyundai Elantra and was considering either purchasing another (2015 upgraded model) or perhaps the Toyota Prius would be a better alternative which costs $24,200 and gets 51 mpg.  What do you think?  Help me do the research at Cars.com

Remember our #1 Goal? Have fun. So is Math => www.mathsisfun.com

In order to solve for x (mileage) using the above formula, you will need to understand linear equations.

tex2html_wrap_inline575          Solution

SOS can also mean “Save our Souls”.

Hope this helps.  Brooks

Goods and Services

Have you thought about new products and/or services you would like to see in the market?

What detergent do you use for laundry? dishes?

Have you noticed beer bottles & cans keep changing?  Not only the manufactured product, but the marketing and packing, as well.  Think about the commercials you see during the Super Bowl.  Companies like Anheuser-Busch and Coca-Cola have huge advertising budgets to keep their products fresh on your mind.

But, operations management also applies to service industry as well.  Besides restaurants, any company that wants to have repeatable success and consistency must document the steps they took to deliver a quality experience for the customer.  For example, telemarketing industry has the product design communicated to production personnel in the form of a telephone script.

Example #1 | Example #2 | Example #3

telemarketing

Forecasting

Have you thought about the amount of calculations that go into predicting the weather? Click here

Invest in a scientific calculator to help solve statistics. Click here

Do you remember some of the basic laws in your statistics course? Click here

The interpretation of the standard error of the estimate computation is similar to the standard deviation.  Click here

standard_deviation

EBTM 365 Prerequisites:
Statistics course… ECON 205 or MATH231
(TIP: if you have not taken Stats in awhile, consider a refresher course before enrolling)


Statistics and probability

Measures of central tendency

Mean, Median, Mode, and Range

Waldorf Salad

Waldorf Salad (Fawlty Towers)

Click here

The very start of the episode contains a funny scene about suppertime in the dining room of a bed and breakfast in England. The owners and staff make numerous errors.

What went well and what didn’t?
Identify poor operations in this clip.
Operations management applies to services, not just manufacturing.