Operations Management: Processes and Value Chains
Coursework 3 Individual Assignment 60% 3,000 words
A) Conduct a detailed analysis of one of the sections listed above (1-12) analysing the decisions you
made and the academic justification for the decisions. (approximately 1,500 words). You will need at
least four (4) good quality references to support this. Good quality references are from academic
journals and textbooks. Please list these in a separate References section marked “Academic
References” Supporting references e.g. photographs, data from non-peer reviewed sources etc.
should be under “References” Evidence of your contribution to the group work to support your
statements must be provided. The evidence may be in the form of examples of your contribution to
the plan (cut from the report), your electronic conversations (emails, WhatsApp or other may also
be used to support your contributions)
B) Write a reflective report (of approximately 1,500 words) showing what you have learned this year
from creating the operations plan for "Happy Prawn" and from the tutorials. You can use your
reflective blog as a guide.
A reflective report should describe what you did (individually and as a group), what you felt you did
well (individually and as a group), what you felt you did not do so well (individually and as a group)
and an action plan to improve yourself (SMART goals). This needs, as a minimum, two good quality
references one on reflective report writing and one on group working.
,Individual Assignment
HAPPY PRAWNS
Operations Management
001044311
, Table of Contents
DETAILED ANALYSIS OF INVENTORY MANAGEMENT 4
BIBLIOGRAPHY PART A 8
REFLECTIVE REPORT 9
APPENDIX 12
BIBLIOGRAPHY PART B 17
, Analysis of Inventory Management
Inventory is a term used to describe “the accumulations of materials, customers or
information as they flow through processes or networks.", (Slack, N. and Brandon-Jones, A.,
2019). There are two principal types, process inventory which contains materials specifically
utilized in giving the assets/management of the business, and administration stock which are
products that are an unrequired element of the administration or item, however, are
fundamental for maintaining the company (Hill and Hill, 2012). With Happy Prawn, the type
of inventory we dealt with is the JIT approach, and we have also made an additional
decision, which is the two-bin system. We mainly referred to the inventory of finished goods,
which was the prawns packed and ready.
Maintaining inventory is vital as it is ordinarily a substantial business venture. It supports the
continuous management of the business, and above all, it influences the stockpile
concerning goods and administrations to clients (Hill and Hill, 2012). Perspectives of
effective inventory management incorporate a scheme to monitor stock, a dependable
interest conjecture, information on lead times, sensible evaluations of holding, requesting
and lack costs and an ordered framework (Stevenson, 2005).
Inventory management is a significant section of the operations strategy that demands to be
consistent among different viewpoints regarding a particular system, numerous recognizable
is capacity planning, and forecasting demand planning.
I researched the theory about Inventory Management in Operations, and this is what the
theory suggests about the advantages of low inventory; It reduces the holding costs, the
storage space for the stock is limited and the prawns will be high in quality (Slack, N. and
Brandon-Jones, A., 2019). A buffer inventory means that we cope with random or
unexpected interruptions in supply or demand. These are some particular challenges
associated with an inventory of fresh goods. The reason why we believe that there should be
inventory is to mainly prevent from running out of stock, and if inventory is not used up, then
there is a risk of loss, damage or deterioration (Slack, N. and Brandon-Jones, A., 2019).
Therefore by having an efficient system, there are ways that we can reduce inventory.
With Happy Prawns, our output is 96 tanks per year and on average we will also have an
additional 10% surplus to mitigate risk. Therefore 10% of the inventory remains into the
current processor department, as we do not have a warehouse. We will use the inventory to
supply our cash and carry wholesale orders, online sales, and the orders from the Thai
shops, and restaurants.
According to our group, we determined that inventory would be handled in a way that
contributes protection for the company against vulnerability. In other terms, this is the buffer
inventory, which we keep some inventory to protect the company or to protect the supply
chain from unexpected occasions. Since some of our prawns are exported through airfreight,
there may be unanticipated situations, for instance in 2019 due to Pakistan airspace, most of
the flights to Europe got cancelled for a few days in Bangkok International Airport
Coursework 3 Individual Assignment 60% 3,000 words
A) Conduct a detailed analysis of one of the sections listed above (1-12) analysing the decisions you
made and the academic justification for the decisions. (approximately 1,500 words). You will need at
least four (4) good quality references to support this. Good quality references are from academic
journals and textbooks. Please list these in a separate References section marked “Academic
References” Supporting references e.g. photographs, data from non-peer reviewed sources etc.
should be under “References” Evidence of your contribution to the group work to support your
statements must be provided. The evidence may be in the form of examples of your contribution to
the plan (cut from the report), your electronic conversations (emails, WhatsApp or other may also
be used to support your contributions)
B) Write a reflective report (of approximately 1,500 words) showing what you have learned this year
from creating the operations plan for "Happy Prawn" and from the tutorials. You can use your
reflective blog as a guide.
A reflective report should describe what you did (individually and as a group), what you felt you did
well (individually and as a group), what you felt you did not do so well (individually and as a group)
and an action plan to improve yourself (SMART goals). This needs, as a minimum, two good quality
references one on reflective report writing and one on group working.
,Individual Assignment
HAPPY PRAWNS
Operations Management
001044311
, Table of Contents
DETAILED ANALYSIS OF INVENTORY MANAGEMENT 4
BIBLIOGRAPHY PART A 8
REFLECTIVE REPORT 9
APPENDIX 12
BIBLIOGRAPHY PART B 17
, Analysis of Inventory Management
Inventory is a term used to describe “the accumulations of materials, customers or
information as they flow through processes or networks.", (Slack, N. and Brandon-Jones, A.,
2019). There are two principal types, process inventory which contains materials specifically
utilized in giving the assets/management of the business, and administration stock which are
products that are an unrequired element of the administration or item, however, are
fundamental for maintaining the company (Hill and Hill, 2012). With Happy Prawn, the type
of inventory we dealt with is the JIT approach, and we have also made an additional
decision, which is the two-bin system. We mainly referred to the inventory of finished goods,
which was the prawns packed and ready.
Maintaining inventory is vital as it is ordinarily a substantial business venture. It supports the
continuous management of the business, and above all, it influences the stockpile
concerning goods and administrations to clients (Hill and Hill, 2012). Perspectives of
effective inventory management incorporate a scheme to monitor stock, a dependable
interest conjecture, information on lead times, sensible evaluations of holding, requesting
and lack costs and an ordered framework (Stevenson, 2005).
Inventory management is a significant section of the operations strategy that demands to be
consistent among different viewpoints regarding a particular system, numerous recognizable
is capacity planning, and forecasting demand planning.
I researched the theory about Inventory Management in Operations, and this is what the
theory suggests about the advantages of low inventory; It reduces the holding costs, the
storage space for the stock is limited and the prawns will be high in quality (Slack, N. and
Brandon-Jones, A., 2019). A buffer inventory means that we cope with random or
unexpected interruptions in supply or demand. These are some particular challenges
associated with an inventory of fresh goods. The reason why we believe that there should be
inventory is to mainly prevent from running out of stock, and if inventory is not used up, then
there is a risk of loss, damage or deterioration (Slack, N. and Brandon-Jones, A., 2019).
Therefore by having an efficient system, there are ways that we can reduce inventory.
With Happy Prawns, our output is 96 tanks per year and on average we will also have an
additional 10% surplus to mitigate risk. Therefore 10% of the inventory remains into the
current processor department, as we do not have a warehouse. We will use the inventory to
supply our cash and carry wholesale orders, online sales, and the orders from the Thai
shops, and restaurants.
According to our group, we determined that inventory would be handled in a way that
contributes protection for the company against vulnerability. In other terms, this is the buffer
inventory, which we keep some inventory to protect the company or to protect the supply
chain from unexpected occasions. Since some of our prawns are exported through airfreight,
there may be unanticipated situations, for instance in 2019 due to Pakistan airspace, most of
the flights to Europe got cancelled for a few days in Bangkok International Airport
