mgtsc 352: operations management lecture 1 my name is... kenneth schultz office 340g business...
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MGTSC 352: Operations Management
Lecture 1
Marking Philosophy
• Feasibility: could the plan you proposed be used in reality
• Consistency: are your numbers internally consistent?
• Optimality: is your plan the best possible, or close to it?
My name is ...
Kenneth SchultzOffice 340G Business
Telephone 492-3068
Email klschult
This course is …
… a continuation of MGTSC 312
Not ...
Mgtsc != Stats
“Traditional” University Course
• Class– Come to class (sometimes) – Listen to The Prof (maybe not) – Take notes (perhaps) – Get bored
• Study – Read the text (maybe not) – Memorize stuff (wondering why—maybe not)
• Write exams– Sometimes multiple choice – Sometimes regurgitation
This course
• Class– Come to class, try to follow the lecture, participate– Come to lab/work on your own and try to repeat
what was done in lecture
• Study – Read the notes/text– Read/post to discussion forums– Do the HWs
• Do exams (on-line)
We want you to…
• … think with us (lectures, labs)• … interact with us• … take initiative/responsibility • … experiment aggressively • … learn by DOING
• This ain’t no sit-back-and-relax, you-pays-your-fees-and-you-gets-your-credits course.
Evaluation25%
Assignments Best 8 out of 9Must get 40% to pass (10 out of 25)
25%Quizzes Best 2: 10% each
Worst one: 5%Must get 40% to pass(30 out of 75)
50%Final exam
Grade Distribution
MGTSC 352, Fall 2005
8 7 49
2536
51
6658
49
3221
010203040506070
F D D+ C- C C+ B- B B+ A- A A+
Grade
Num
ber
of s
tude
nts
• Similar to other 3rd / 4th year courses
• Your relative mark is what matters
Active Learning
• Form groups of two
• Whose birthday is earlier in the year?– You’re the recorder
• Question: What have you heard about this course?
• Time: 1 minute
Why Active Learning?
0102030405060708090
100
0 5 10 15 20 25 30
Time spent lecturing (min.)
Per
cen
t re
call
What is this course about?
• Forecasting • Simulation • Aggregate Planning • Distribution Planning • Inventory Management • Congestion Management
Production and delivery of …
… goods and services
Show me a chart
Corporate Strategy
Marketing Strategy Operations Strategy Finance Strategy
Operations Management
Operations:
Inputs Parts Processes Plants Outputs
Planning People
Another Chart: the “Process View”
Inputs OutputsGoods
Services
Labor & Capital
Informationstructure
Network ofActivities and Buffers
Flow units(customers, data, material, cash, etc.)
Resources
ProcessManagement
Example: Amazon.Com
• Inputs:– Customer orders– Books, CDs– Packing material
• Outputs– Shipped orders
• Flow units– Customer orders– Cash– Books
• Resources:– Capital: contact centres,
warehouses– Labor: agents, order-
pickers, web programmers– Inventory
• Activities: Order taking, order filling, shipping
• Process management: Warehouses, inventory, distribution, capacity.
• Information structure: Transaction data for each order
Active Learning
• In your groups again
• Task: fill in as much of the next slide as you can
• Time: 2 minutes
Example: Business School
• Inputs:
• Outputs:
• Flow units:
• Resources:– Capital:– Labor:
• Activities:• Process
management:• Information structure:
Do I have to take this course?
Majors that need 352 ASAP• Operations Management• Decision and Information Systems• Distribution Management
Majors that require 352• Accounting• Business Studies• Finance• International Business• Management Info. Systems• Marketing• Retailing
Majors that do not require 352• Business Economics and Law• Entrepreneurship and Small Business• Human Resource Management• ______ Studies (language programs)• Organizational Studies
Who are we?
• Instructor: Kenneth Schultz• Lab Masters:
– Morgan Skowronski – Jen Tyrkalo
• Grading: Jared Coulson• Tech Master: Angela Kercher• Lab Accelerators
Kenneth Schultz
• Wharton Undergraduate
• 12 Years United States Army
• Ph.D. 1997, Cornell
• Research: Including human behavior in Operations Management models.
My course priorities are:
I’m fairYou learn
Morgan Skowronski
Jen Tyrkalo
Things To Do Before Next Class
• Course web– Read the “things to do” page
WINTER 2007 MGTSC 352 LEC B1 > COURSE DOCUMENTS > RESOURCES > GENERAL
RESOURCES – Read FAQ
WINTER 2007 MGTSC 352 LEC B1 > COURSE DOCUMENTS > RESOURCES > GENERAL
RESOURCES > FREQUENTLY ASKED QUESTIONS – Get familiar with course web and discussion forums
• Read Introduction chapter (Course pack)
• Read syllabus
Musical Break ... do not leave
Excel Basics
• Jan 20, 11 – 1, B24/B28
• Free
• Basic Excel skills
Course Packs
• $20
• Today, 3-5 in B20
• Wed, 10-12 in B20
• Friday in labs
Model
• Selective abstraction of reality– Model airplane– Floor plan of a house– Map of Alberta
• Spreadsheet (algebraic) models– Define decision cells (variables)– Express relations between cells (formulas)
Inputs OutputsMODEL
Revenue = Quantity x Price
Output Inputs
Why model?
• Provides a precise and concise problem statement• Establishes what data are necessary for decision• Clarifies relationships between variables• Enables the use of known solution methods• Enables us to generalize knowledge to solve
problems we haven’t encountered before, to go beyond experiential learning.
Example
Fisheries Management
• Lake currently has 1,000 trout• Carrying capacity = 100,000 trout• Fish population expands in May and June• Fishing allowed in September• Trout population at end of August:
PAug = PApr + (a – (b PApr)) PApr), a = 0.45, b = a / capacity.
• Each fish can be sold for $11 in any year• Discount rate is 6%.• Which policy maximizes the NPV?
Come again?
May population = 12,000August population?
PAug = PApr + (a – b PApr) PApr)
= ?
In your groups!Time: 1 min.
b = a / Cap = .45 / 100,000
Come again?
May population = 12,000August population?
PAug = PApr + (a – b PApr) PApr)
= 12,000 + (0.45 – (0.45 / 100,000 12,000)) 12,000 = 12,000 + (0.396)*12,000 = 16,752
b = a / Cap = .45 / 100,000
Recap
• Data– Starting population– Capacity– Growth parameter (a)– Discount rate– Price
• Variables: # of fish caught, for every year.• Output: NPV (and fish population every year)
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