Essay: Production and Operations Management
Management in any firm has to be done strategically so that the firm is able to maximize its profits whilst maintain a considerable market share. Production and operations management is one of the management sectors that need to be properly managed just like any project in the firm. This implies that the production process has to be viewed as a project and thus each production step allocated time within which it has to be completed and before the next step started.
It is worth noting that each of the time allocation has to be followed so that just like any other project, the production process is completed in time and the products supplied to their destinations in time, to either consumers or other outlets. It is very important that the production management can try to shorten the production process and thus reduce the production costs involved. Production cost can be reduced by reducing the time involved in the production process since time just as any other production resource is expensive and scarce. This essay focuses on an option that Marathon Oil Inc, a firm that leading in energy business in the globe, could take to reduce the time involved in the production process and the relationship between the retail prices of gasoline and the price of crude oil.
The is just a sample essay, please place an order for custom essays, term papers, research papers, thesis, dissertation, book reports etc.