procedure. We have spent time to document the
these revisions with the proper training and
procedures,
testing
provide
training
and
testing.
If
someone is not following the procedures, we need to deal them with appropriate disciplinary action. Count, Count, Count: We need to count our inventory on a continuous basis (cycle counting) to maintain high level of accuracy. Re-evaluate: We should be regularly re-evaluating our processes and procedures. Results of our cycle count program point us in the direction of areas where enhancement is needed. Business conditions often change and new processes are added which will require evaluation. We should plan a revision date and group multiple revisions into a revised release of the procedures. We need to implement
as
had
been
done
during
initial
implementation. As in large organizations, it is regular practice to standardize all the processes and have SOP for the same, SMP (Standard Maintenance Procedures) and RA (Risk Assessments Sheets). Having standard procedures ensures optimum usage of inventory. There is always a possibility to book some consumables (e.g. Gloves, Grease, Lubricating Oil, Tapes, etc.) in excess than required, however by associating these consumables to the equipments worked upon this controlled.
excess
consumption
can
be
- Abhishek Awasthi (First Year MBA)
THE FIVE PIRATES PUZZLE A typical Operations problem that is worth hitting back! Bring out the Game Theory in you and make Lemonade out of the Lemons. Five pirates (A, B, C, D,E) arrive from a lucrative voyage with 100 pieces of gold. They will split up the money according to an ancient code dependent on their leadership rules. The pirates are organized with a strict leadership structure—pirate A is stronger than pirate B who is stronger than pirate C and so on. The voting process is a series of proposals with a lethal twist. Here are the rules: 1. The strongest pirate offers a split of the gold. An example would be: "0 to me, 10 to B, and 90 to C." 2. All of the pirates, including the proposer, vote on whether to accept the split. The proposer holds the casting vote in the case of a tie. 3. If the pirates agree to the split, it happens. 4. Otherwise, the pirate who proposed the plan gets thrown overboard from the ship and perishes. 5. The next strongest pirate takes over and then offers a split of the money. The process is repeated until a proposal is accepted. Pirates care first and foremost about living, then about getting gold. In such a scenario what do you think the offer of the first pirate would be such that his offer stands?
Send in your replies to operations.vgsom@gmail.com and the best answer along with the correct answer will be published in the next round. Provide proper reasoning for your answers! Good Luck!
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