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SEMESTER SPRING 2013
PRODUCTION AND OPERATIONS MANAGEMENT
(MGT 613)
ASSIGNMENT # 01
DUE DATE: 6TH MAY, 2013
MARKS: 20
ASSIGNMENT:
Pakistan is one of the largest cotton-producing countries of the world. Pakistan’s textile
industry is a major contributor to the national economy in terms of exports as well as
employment. Few years back textile industry of Pakistan was considered as one of the
major contributors in GDP of the country, but nowadays its share is declining due to
many national and international reasons. Mughal Textile Mills (MTM) have started their
business in Pakistan in this drastic situation of the industry, they are basically dealing
with the manufacturing of textile items majorly yarn, fabric and home textile.
In few years time Mughal Textile Mills (MTM) is having great success in the market.
Their sales are increasing and they are able to capture handsome portion of the market
share. Keeping in view the above scenario and the current situation of Pakistani textile
industry; on the basis of your subject knowledge you are required to:
1. Discuss the major factors, in terms of production operations management, that the
Mughal Textile Mills (MTM) has adopted to gain market success in few years.
2. Also suggest the operations manager of Mughal Textile Mills (MTM) that what
they can do in order to make their forecasting more accurate?
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Replies to This Discussion

kamran bhai ap page 34 pkho handouts mai us mia good forcasting k liey jo requrements hoti hain wo likhi hoi hain

i can't believe vu can give that much easy question.

 Taim share some idea about assignment to help other students 

ooh g kia idea dia h ap ne thanks g ap to bht kmal ho wah wah

QUESTION 2

(COPIED from HANDOUTS) - LESSON 7

Forecasting allows the manager to anticipate the future so that he can plan accordingly.

Requirements of a Good Forecast
·Timely. The forecast should be timely. Indicating that forecasting horizon should provide enough time
to implement possible changes. Capacity cannot be expanded instantly it requires some time to plan,
coordinate and increase the required resources.
·Reliable. Forecasts should be reliable meaning that it should work consistently. A forecast that is
partially correct will succeed at sometime and sometime fail making the end users question the purpose
and intent of forecasting.
·Accuracy. Forecasts should be accurate. In fact it should carry the degree of accuracy, so the users are
aware of the limitations of the forecast. This will also help the end users to plan for possible errors and
provide a basis for comparing the forecast with other alternative forecasts.
·Meaningful Forecast should be expressed in meaningful units. Financial Planners will use Rupees to
show how much capital would be required; Mechanical Project Schedulers would require Forecasts to
carry the type of machines and crafts of technicians required.
·Written/Documented. The forecasts should be presented in writing. A documented forecast always
provides a chance to measure the variance between estimate and actual result at a later stage.
·Simple to understand and use meaning that Forecasts should not be dependant upon usage of
sophisticated computer techniques or task specific highly qualified technical personnel. A failure or
limitation on the part of this can lead to an incorrect decision and less acceptance amongst end users

i think this is right solution

Solution of Assignment # 1  an attempt to make the statement  clear. Don't Copy Paste It.

Read more: Solution File MGT613 Fall 2013 - Virtual University of Pakistan http://vustudents.ning.com/group/mgt613productionoperationsmanageme...

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Innocentali42@ymail.com “ Where there is unity there is always victory”. Don’t copy paste it. This is just Idea Answer # 1 1.Price: In our day to day routine observations, we often see that a lower price would attract more customers provided the product or service fulfils its intended use. Lower price helps an organization to increase its customer base. 2. Quality: is an important dimension by which superior raw materials as well as high Skillman ship would ensure that product manufactured or service developed is offered to the customer with something extra. That something extra is nothing else but Quality. Quality is always offered free of cost, we will discuss this when we study in details Quality Management and Total Quality Management. 3. Product Differentiation refers to special features that make the product or service look more suitable to the customers like an automobile manufacturer decides to provide GPS system to selected customer at an additional price etc. 4. Flexibility: is the ability to respond to changes. It may refer to changes in target sales, product feature like adding GPS device to all automobiles 5. Time: refers to the period required to provide a product or service to a customer from the moment the order is booked to the delivery, also time required to rectify a shortcoming or mistake. Answer # 2 •Timely. The forecast should be timely. Indicating that forecasting horizon should provide enough time to implement possible changes. Capacity cannot be expanded instantly it requires some time to plan, coordinate and increase the required resources. •Reliable. Forecasts should be reliable meaning that it should work consistently. A forecast that is partially correct will succeed at sometime and sometime fail making the end users question the purpose and intent of forecasting. •Accuracy. Forecasts should be accurate. In fact it should carry the degree of accuracy, so the users are aware of the limitations of the forecast. This will also help the end users to plan for possible errors and provide a basis for comparing the forecast with other alternative forecasts. •Meaningful Forecast should be expressed in meaningful units. Financial Planners will use Rupees to show how much capital would be required; Mechanical Project Schedulers would require Forecasts to carry the type of machines and crafts of technicians required.
•Written/Documented. The forecasts should be presented in writing. A documented forecast always provides a chance to measure the variance between estimate and actual result at a later stage. •Simple to understand and use meaning that Forecasts should not be dependant upon usage of sophisticated computer techniques or task specific highly qualified technical personnel. A failure or limitation on the part of this can lead to an incorrect decision and less acceptance amongst end users.

Friends:

also add for question number 2

Different techniques for checking accuracy of forecasting

Error = Actual Value - Forecasted Value

MAD (Mean Absolute Deviation)

MSE (Mean Squared Error)

MAPE (Mean Absolute Percent Error)

Just names not detail

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