StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Production and Operations Management - Term Paper Example

Comments (0) Cite this document
Summary
Running Head: Contemporary Business Contemporary Business Production and Operations Management By _ 18 May 2011 1) Marathon is one of the world’s leading energy companies supplying high quality oil products to the marketplace. The company deals in the production of crude oil products through innovative technologies…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.3% of users find it useful
Production and Operations Management
Read Text Preview

Extract of sample "Production and Operations Management"

Download file to see previous pages Taking four days to reach Louisiana Offshore Oil Port (LOOP), it further takes 10 days to reach Marathons Robinson, Ill refinery which is processed into gasoline, diesel, fuel, and other petroleum products such as fuel oil, kerosene, asphalt, jet fuel, tolvene, xylene, and benzene within 8 days in Phase III. The refined products are later shipped to Marathon owned terminals in further 8 days after which are stored for six days before being transported to jobbers, dealers or other convenience stores which are further transported to brand stations of Marathon. It should be noted that refined products are stored at the terminals for three to six days before being transported to various centres (www.marathonpetroleum.com). According to video, it takes almost 35 days to offer oil products to Americans and this could be reduced further if the storage time is limited to few days or may even directly transport the products to jobbers, dealers, convenience stores and brand stations of Marathon. Hence, Phase V could be improved to reduce the time for supply of oil fuels in the United States. 2) In order to understand the relationship between the retail price of gasoline and the world demand for crude oil, it is necessary apply the law of demand to the problem. According to the law demand, when price raises, the demand for the good falls and when the price falls, the demand rises (Mankiw and Taylor, 2006, p.65). This law is in complete contrast to oil product because it is the top prioritized good which runs the national and international economy. It is important to mention here that the United States imports 42 million gallons of gasoline every day in addition to the gasoline produced by U.S. refineries apart from importing crude oil in order to meet the high demand of gasoline. The world demand for crude oil is 87.7 million barrels per day while U.S alone requires 19.7 mmbd out of which 46 percent is used for the production of gasoline (www.marathonpetroleum.com). World demand for crude oil is increasing day by day and consumption of gasoline is increasing 0.5 to 0.10 percent each day. United States share of purchasing crude oil depends of the world demand because if world demand decreases the US can import more crude oil which will have positive effect on the market making the government possible to supply gasoline and meet the ever increasing demand. Otherwise, the price of gasoline will increase due to shortage of supply in US market and increasing world demand for crude oil. Thus there is a definite relationship between gasoline prices and world demand for crude as the decrease in latter will result in the decrease of prices in United States 3) Marathon delivers the products to jobbers, dealers and other convenient stores through various modes of transports. However, Marathon also operates its own convenience stores branded as ‘Speedway’. It is the wholly owned subsidiary of Marathon. Oil is a commodity which powers the international economy. Most of the organizations are dependent of refined oil products which make it more important for the companies dealing in oil products to formulate a strategy in advance citing future crisis of reduced global production of crude oil (www.marathonpetroleum.com). Marathon, which already operates chain of convenience stores, must design a strategy to attract customers without changing the prices even if the global production decreases. Fuel ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Production and Operations Management Term Paper”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1422475-production-and-operations-management
(Production and Operations Management Term Paper)
https://studentshare.org/environmental-studies/1422475-production-and-operations-management.
“Production and Operations Management Term Paper”, n.d. https://studentshare.org/environmental-studies/1422475-production-and-operations-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Production and Operations Management

The Evolution of Human Resource Management

The employee was sent to HR for a final briefing where he mentioned that he had been requesting a change in the shift for the last few weeks he has to attend to his ailing father. His superior continuously ignored the request. The employee was skill and aptitude tested and reassigned to a different project.
This is a small incident where an HR professional can play a vital role. An organization is also constantly looking for such solutions from its Human Resource Department. It is this expertise and skill, which a budding professional from any institute should be equipped.
Such valuable certification programs initiated by the Human Resource Department surely help build a successful organization. The Human resource depart...
6 Pages (1500 words) Term Paper

Global Challenges for Business Management and Leadership

This section aims at understanding the challenges faced by the United Nations due to political conflicts. In the summer of 2007, an issue in the Politically Speaking, the DPA had highlighted the increased focus on the conflict meditation. This report had also highlighted the interview with the Under-Secretary-General for political affairs. In the interview, he defended the UN against all the criticism and he also highlighted the need for finding political solutions for issues around the world. The interview also highlighted the importance of results to show the effective working of the UN. This interview also highlighted and urged critics to look at the positive along with the negatives of the UN. “The UN has knowledgeable a...
7 Pages (1750 words) Research Proposal

Customer Relationship Management

 Consumers started looking for variety and lower prices. Through the use of technology, such customer tradeoff against variety and prices is not necessary. The US life insurance industry is large, mature and dominated by a number of large companies and this industry has been one of the early adopters of computer technology (Subramanian & Chatterjee, 2007). The advent of the CRM systems changed the landscape of the insurance industry.

The health insurance organizations use CRM to prepare health proposals and process applications in a much faster and accurate way. The organizations are better able to understand the needs and habits of the customer and provide more efficient service. Companies are able to integrat...
9 Pages (2250 words) Case Study

Diversity Management in Organisations

... column. Superior staff’s as well as clientele satisfaction results in increased productivity. Diversity goes ahead of worker’s equity to cultivate office surroundings that values the dissimilarities and capitalizes on the latent of all workers, one that encourages worker’s inventiveness and innovativeness. (POLLITT, David, 2006) Diversity management enable individuals to act upon up to their utmost potential as it emphasizes on modifying the company‘s ethnicity and infrastructure so that people may attain the peak output efficiency feasible. Efficiently administration of diversity manoeuvres the “operating overheads and workforce attitudes, recruitment of human resources, sales and market share, creativity and innovation, group problem...
6 Pages (1500 words) Case Study

Active Directory - Security, User, and Resource Management

Administrators make use of group policies to launch principles for desktop predilections and software. For many corporate information technology groups, concurrence with group policies to identify what software should be presented to each category of user, even without human intervention installing it on demand from a corporate server (Silberschatz, Galvin, & Gagine 2002. P. 838). The capability of the AD was introduced in the year 1999, its initial release was with the MS Windows 2000 Server Ed., additionally personalized to spread out functionality, security parameters and build up administration in MS Win Server 2003. The most recent better facilities and efficient edition of the AD are introduced in the Windows Server 2008...
6 Pages (1500 words) Report

The Management, Leadership and Teamwork Competencies Required by a Small Business Owner

On the other hand organizational leadership is defined as the ability based on the specific skill of an individual to lead his/her subordinates in a manner that pre-planned organizational goals could be achieved within the defined time-frame.

According to Burns (1978) and Bass (1985), transformational leadership has a set of category constructs such as values, morals, farsightedness, long term goals, principles, acute awareness about the dividing line between causes and symptoms, mission statements, strategic perspectives, and human resources. Similarly, they identify a set of category constructs in the transactional leadership also. For instance concentration on the task at hand, short term goals and tactics, confusion co...
6 Pages (1500 words) Coursework

Management: Social Responsibility and Ethics

When we speak about business management, most people talk about the core business functions like strategies, products, training & development, management of various departments of the business like marketing, production, planning, etc. Social responsibilities and business ethics are the least communicated topics in the business community because of the least preference given to the non-productive sectors by organizations. Most of the greedy organizations spent millions on the research and development for improving their competitive power in the business world, but they often keep a blind eye towards their responsibility towards ensuring proper ethical standards in their business activities. Organizations that underestimate the...
6 Pages (1500 words) Coursework

Information Security Management

Security is a group of activities that include the policies, measures, and actions which are utilized to stop unlawful access or alteration, theft, and physical damage to information or computer. Security can be supported by an assortment of techniques and tools to safeguard computer hardware, software communications networks, and data (Laudon & Laudon, 1999, p. 502). In the modern age of information technology, there are many threats happened for organizational information. We need a security model that has the ability to manage and secure our information reserves. Technical administrative safety /security measures like security plans, actions and techniques are the main practices for the organizational information security m...
10 Pages (2500 words) Research Paper

Self Assessment: Conflict Management Style

The assessment also indicated that second to collaborating attitude, I also tend to compromise just to be at peace with the conflict arising and be over it after knowing I had done everything I am supposed to do.

The results of the assessment did not surprise me a bit. And I should say I couldn’t agree more. When presented with random situations that may arise in conflicting ideas or viewpoints, I can say that I am the type of person who approaches issues emphasizing systematic approaches. I usually hear both sides of the discussion and evaluate the issue before I make my own judgment. I am not easily swayed with other people’s opinions even when a lot of them think in the opposite way that I do. When making...
7 Pages (1750 words) Essay

Management Theory and Practice in the Early Childhood Education Industry

As pointed out in a study by Osgood and Halsall (2007) where they carried out research to examine the position of women in leadership or management positions, a “glass ceiling” exists for women in the academic setting, which could significantly impair motivation. Since many of the individuals employed in the early education sector are women, addressing this issue is even more important because these individuals are faced with the difficult task of shaping young minds while also dealing with the problems associated with the actual physical care of very young children. The quality of professionals in this sector is vital because it impacts the growth and development of the children that they care for. The degree of invol...
6 Pages (1500 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Production and Operations Management for FREE!

Contact Us