FINAL ASSIGNMENT

Submitted by: Mahady Hasan Badhon

ID: 2019010000165
Section: 6
 Answer to the question no 1

Question: Why Forecasting is necessary for business? Suppose, you have just started a new
business of a retail shop. Which forecasting you would follow and why?

Answer: Forecasting is valuable to businesses because it gives the ability to make informed
business decisions and develop data-driven strategies. Financial and operational decisions are
made based on current market conditions and predictions on how the future looks. Past data is
aggregated and analyzed to find patterns, used to predict future trends and changes.
Forecasting allows for a company to be proactive instead of reactive.
The basis for all planning decisions in a supply chain. That means decision regarding raw
materials, decision regarding transportation, decision regarding warehouse, decision
regarding sourcing and also there have many other decisions what a company take these all
are basis of forecasting. That’s why forecasting is necessary for business. Without that there
have Production scheduling, inventory, aggregate planning, sales force allocation,
promotions, new production introduction Plant equipment investment, budgetary planning
etc.

If I started just a new business of retail shop, I will follow the time series forecasting.
Time series forecasting is that forecasting where I think about the areas historical data and
also I will see the customer basis that how much customer I can get for my business. In the
time series there have all the past data of an area or the public demand of the area. If I can
find out that things, I can shine my business properly. So if I started the business of a retail
shop then I will follow the time series forecasting.
Let’s talk about why I chose the time series forecasting:
Time series forecasting means that forecasting where I start my business I can get the
historical information and the public demand of this area. Suppose I started the business on a
area there have no classy people and those people who can buy anything from my shop. So
there I can make loss on my business. So if I forecasted the area that there have classy people
who can buy things from my shop. So I have to go that area where have the classy people
educated people who should came to my shop. And also I have to look on the public demand
of that area. If the public have no demand in that area of a retail shop than it will be a loss
project for me so I have to choose an area where have the people historical data of that people
came to my shop and also I have to find out demandable customers of my retail shop.
So that’s why I chose the time series forecasting for my retail shop business. Because it will
help me to run the business properly on an area. It will help me to earn profit and serve those
peoples of that area properly.
 Answer to the question no 2

Question: You are doing a business of a Fashion House. Which Process Design you have to
follow and what are the justification behind this decision.

Answer: If I am doing a fashion house business then I have to look on some things. One of
them is process design.
Let’s talk about this,
Design means the process of originating and developing a plan for a product, service or
process.
Process means any part of an organization which takes a set of input resources which are then
used to transform something into outputs of products or services.
In the simple word the Design Process is an approach for breaking down a large project into
manageable chunks. Architects, engineers, scientists, and other thinkers use the design
process to solve a variety of problems.
Fashion house means where makes different designs in cloths. We got different designable
shirts pants in day by day. Fashion house make that for us these new designs. For a fashion
house business, I have to choose some process design. They are:
 Quality
 Dependability
 Cost
I chose these process design because of some reason. Let’s talk about that:
Quality means in the fashion house they produce new fashionable dresses for man and
women. If they made those in good quality dresses that will help them to shine in the market.
Because they print differ types of fashionable t-shirts, pant, saree and many other women’s
dresses etc. If they produced those in low quality dresses it will be ruined after using some
days. They will impact on my business. That’s why I chose quality. Because in the market
customer always want good quality things.
Dependability means when company produced new fashionable dresses then they have to
provide that in many shops. If I tell the shop owner that I will give you the products in 1
month but I can nit give them the product. That will make a huge impact on this shop.
Because they make their market value by trust on us. If we cannot give them the product on
promising time they can face loss and it also impact on my company also. So that’s why I
chose that.
Cost means in production If I make high processing cost and high resource cost and high
delay and inventory cost that means when I give these products to the shop then I charged
more money which is my extra cost and then they charged more money from the customer
what are their extra cost. That’s how customer’s impression can be go from my fashion house
product. So I have to try to produce that in lower cost.
That’s why I chose those three process design for my fashion design business. I have to look
on things and also work on these.

Answer to the question no 3

Question: Explain how the four perspectives of operations strategy would apply to Ryanair
and Flextronics.

Answer: Operations strategy is the total pattern of decisions which shape the long-term
capabilities of any type of operations and their contribution to the overall strategy, they write.
Technology and business models are rapidly changing, so businesses must keep pace and
look to the future.
There have four perspective of operations strategy. They are:
 Top-down perspective
 Operations resources perspective
 Market requirement perspective
 Bottom-up perspective

 Top-down perspective means that what the business want to do.

 Operations resources perspective means that what operations resource can do.
 Market requirement perspective means that what the market position requires
operations to do.
 Bottom-up perspective means that What day-to-day experience suggests operations
should do.
Ryanair is today Europe’s largest low-cost airline (LCAs) and whatever else can be said
about its strategy, it does not suffer from any lack of clarity. It has grown by offering low-
cost basic services and has devised an operations strategy which is in line with its market
position. The efficiency of the airline’s operations supports its low-cost market position.
Turnaround time at airports is kept to a minimum. This is achieved partly because there are
no meals to be loaded onto the aircraft and partly through improved employee productivity.
All the aircraft in the fleet are identical, giving savings through standardization of parts,
maintenance and servicing. It also means large orders to a single aircraft supplier and
therefore the opportunity to negotiate prices down. Also, because the company often uses
secondary airports landing and service fees are much lower. Finally, the cost of selling its
services is reduced where possible. Ryanair has developed its own low-cost Internet booking
service. In addition, the day-to-day experiences of the company’s operations managers can
also modify and refine these strategic decisions. For example, Ryanair changed its baggage
handling contractors at Stansted airport in the UK after problems with misdirecting
customers’ luggage. The company’s policy on customer service is also clear. ‘We patterned
Ryanair after Southwest Airlines, the most consistently profitable airline in the US’, says
Michael O’Leary, Ryanair’s Chief Executive. ‘Southwest founder Herb Kelleher created a
formula for success that works by flying only one type of airplane – the 737, using smaller
airports, providing no-frills service on-board, selling tickets directly to customers and
offering passengers the lowest fares in the market. We have adapted his model for our
marketplace and are now setting the low-fare standard for Europe. Our customer service’,
says O’Leary, ‘is about the most well defined in the world. We guarantee to give you the
lowest air fare. You get a safe flight. You get a normally on-time flight. That’s the package.
We don’t, and won’t, give you anything more. Are we going to say sorry for our lack of
customer service? Absolutely not. If a plane is cancelled, will we put you up in a hotel
overnight? Absolutely not. If a plane is delayed, will we give you a voucher for a restaurant?
Absolutely not.
Flextronics is a global company based in Singapore that lies behind such well-known brand
names as Nokia and Dell, which are increasingly using electronic manufacturing services
(EMS) companies, such as Flextronics, which specialize in providing the outsourced design,
engineering, manufacturing and logistics operations for the big brand names. It is amongst
the biggest of those EMS suppliers that offer the broadest worldwide capabilities, from
design to end-to-end vertically integrated global supply chain services. Flextronics’
operations strategy must balance their customers’ need for low costs (electronic goods are
often sold in a fiercely competitive market) with their need for responsive and flexible service
(electronics markets can also be volatile). The company achieves this in number of ways.
First, it has an extensive network of design, manufacturing and logistics facilities in the
world’s major electronics markets, giving them significant scale and the flexibility to move
activities to the most appropriate location to serve customers. Second, Flextronics offers
vertical integration capabilities that simplify global product

Answer to the question no 4

Question: Suppose you are doing a business of Garments/ Pharmaceuticals/
Restaurants/Banks/Salon. (pick any one from these). Now write, what would be the activities
of core functions of your business.

Answer: In that case I chose restaurant business.

In this business in my resultant my employees cooking different types of fast food and many
others foods. People will come to my restaurant and eat foods. In that business not only the
good food can make value their have many others things. Let’s talk about those things. They
are:

 Planning
 Organizing
 Staffing
 Directing
 Controlling
Planning:

A plan is a predetermined course of action that enables you to practice problem-solving &
decision-making processes and determine the courses of action to achieve desired goals.
Planning has certain characteristics such as forecasting, goals, decision-making, flexibility,
and data. Planning is not an exclusive task for senior executives; it applies equally to lower-
level management. Planning elements are objectives, policies, rules, procedures, programs,
schedules, budget and forecasting. There have also importance of planning for restaurant
business. They are:

 Improving and increasing management capabilities.

 Facing the uncertainties of the future.
 Adapting and adjusting to changing environments.
 Avoiding hasty decisions.
 Reducing the overall cost

Organizing:

To organize a business is to provide it with everything useful or its functioning i.e. raw
material, tools, capital and personnel’s”. It is the process of combining physical, financial and
human resources and enhancing their productive relationship to achieve organizational goals.
When you organize your restaurant’s operations, you have to:

 Identify your activities.

 Classify and group these activities.
 Assign the tasks to your staff.
 Delegate the authority and create the responsibility levels.
 Coordinate authority and responsibility relationships.

There also has the way to organize the restaurant. Just like as inside decoration, food
decoration etc.

Staffing;

Managerial function of staffing involves manning the organization structure through the
proper and effective selection, appraisal & development of personnel to fill the roles designed
un the structure”. The main purpose of staffing is to hire the right man for the right job. In
addition, Staffing has gained more prominence in recent years because of the advancement of
technology, increased workload, complexity of human behavior, etc.

Directing:

This management function actuates organizational methods to operate efficiently to

accomplish organizational goals. Directing is the engine that gets people to start working as it
deals directly with influence, guidance, supervision, and motivation to achieve organizational
goals. It ensures that employees are able to perform their tasks effectively and guarantees
increasing productivity.

There has some directing way they are:

  Supervision

As a manager, have to oversee, watch, monitor, and direct the performance of your
employees. I shall also support and guide them employees when things are not going as
planned.

 Motivation

t is about inspiring, stimulating or encouraging your employees to enhance their

performance. Provide them with positive and negative feedback

 Leadership

leadership skills are something a good manager should keep in mind. You have to influence
and inspire your employees and establish a great role model. Let them feel that you are an
essential part of the process of achieving the objectives.

 Communications

Directing depends on effective communication. As a manager, you have to create a

workplace that allows different communication channels from passing information to
exchanging opinions

Controlling:
Controlling is the process of checking whether or not proper progress is being made towards
the objectives and goals and acting if necessary, to correct any deviation”. You need to
measure and correct your employees’ performance and activities to ensure that your
restaurant’s predetermined objectives and plans are accomplished.
There has some way to control they are:
 Identify a standard performance

 Measure the actual performance

 Compare the actual performance with the set standards

 Make corrections

Those are the core function of my restaurant business.

Thank You