Name: Fuentes, Shanelle D.

5-29-23
Program: 3rd BSAB Evening

PRODUCTION AND OPERATIONS MANAGEMENT FINAL EXAM

Production and Operations Management is one of our major subjects this semester,
and our instructor, Mr. Charbie Castañares, has given us a lot of learning opportunities
to broaden our knowledge and understand the importance of this particular subject.

Production and operations management is a branch of management that focuses

on planning, organizing, and redesigning the production process for goods or services
as well as business operations. Operations management is a field of business
management that oversees every phase of the production of a service or product from
the input stage to the finished stage. This includes planning, organizing, and supervising
operations, manufacturing and production processes, and service delivery to produce
the anticipated result of a high-quality product or service that satisfies customer
demands. This subject also enables us to know that the production and operations
management is the administration of the procedures and activities used by businesses
to create their products and services. It is the study of how to operate production
processes more effectively and efficiently. In other words, it is concerned with
converting inputs into outputs while using physical resources in order to give the
intended services to the client. Aside from that, production and operations management
futher explains the difference between services and products. A service is an intangible
good where the consumer is being offered something that can't be touched, for example
accountancy or coaching services. A product, on the other hand, is a concrete item that
has been offered toward consumption or possession, like a container for beverages or a
pen.

During the pre final and final period of this semester, our instructor divided us into
groups for the group report. The first reports thought us how to get the Net Present
Value or the NPV with a formula of NPV = -1 + (summation symbol) Bp/(1-i)p where p =
1 to n. The group 2 reporters discussed about the forecast that have four series which
are trends, seasonal variations, cycles, and irregular variations. They also thought us
the calculation of various errors and how to get the deviation, squared error, absolute
deviation, percentage error, absolute percentage error, and as well as the Mean
Absolute Deviation (MAD), Mean Squared Error (MSE), Mean Forecast Error (MFE),
and Mean Absolute Percentage Error (MAPE). The next group discussed about the
critical and objective factors (CFM), subjective factor measures (SFM), and location
measure. Aside from that, their topic also includes the Brown Gibson Method.

To further extend my manuscript in order to meet the 500 words criteria for this
exam, I am also giving a brief summary on what I have learned on Production and
Operations Management, particularly in planning and controlling that are both essential
in every organization. The planning and controlling of operations is the process of
reconciling demand with supply. There are different types of demand that classified into
two, the dependent and independent demand. In dependent demand, it is when
demand can be predicted by certainty due to known factors. Independent demand, on
other hand, it is unpredictable and thus, responding to this demand is based on
estimation and the future nature of the demand is unknown. Additionally, this lesson
helps me to and understand the planning and controlling of operation as the
reconciliation of demand to the ability of an organization to supply or respond to
demand.

In conclusion, the whole semester characterized and as well as discussed the

different activities needed in Production and Operations Management such as loading
sequencing and scheduling that can surely help an organization to keep its productivity
stable.