Logistics and operation managment - Essay Example

In this context, it must be mentioned that some of the most important activities of operations and logistics management in the present day scenario includes inventory management, capacity management, and delivery and scheduling among others (Harrison & et. al., 2014). All these factors and their efficacy determine success or failure for the overall operations and logistics management of any business unit (Mahadevan, 2010). Operation management is one of the most vital processes that are involved within the operations of any particular business.

It include managing the overall operations of the business in a most efficient manner with due adherence to the goals and objectives of a business. In order to have a practical understanding of this particular aspect, a study of capacity and inventory management along with forecasting and scheduling has been conducted as part of a production simulation exercise. A team of few members conducted the exercise. The name of the team was Legendary. In order to determine the effectiveness of the teamwork, it will be vital to discuss about the weaknesses and strengths of the methods and approaches used to complete the process of operations management based on a given scenario.

The group i.e. legendary primarily targeted on using a simplistic scheduling approach in completing the entire process. In this regard, it has been seen that the team intended to reduce as well as control the cost of inventory. This particular approach is deemed to be quite vital for controlling the cost of the overall operation management project. This approach or strategy of inventory management has its own strengths and weaknesses. Following this approach, the team i.e. legendary has been able to control and reduce the cost of inventory management of the company provided within the given scenario.

This was done with the help of proper and accurate scheduling of stocks