t. OPM 101, Operations Management Comprehensive Final Exam Question You are the
ID: 381919 • Letter: T
Question
t. OPM 101, Operations Management Comprehensive Final Exam Question You are the Chief Operating Officer (COO) of a mid-size manufacturer of industrial and consumer products for the 3-D printing industry. The company is privately held, but requires extensive internal documents to support various loans from banks and other financial institutions. The majority of the company shares are held by family members of the founder, and has been with the company for over 20 years. While he has experience in the business, he is totally dependent upon his operating staff for advice on all operating who passed away a number of years ago. The son of the founder i s the CEO matters that impact both external and internal stakcholders While the company is positioned to take advantage of the recent interest in the expanding 3-D markets in both the industrial and consumer segments, there are cost pressures being experienced with new entrants into the marketplace. The CEO believes critical need to dramatically expand their marketing budget to counter this new competition. The family shareholders want to continue receiving their dividend checks, but the budget is under pressure to provide both the expanded marketing efforts and the dividend payments. The CEO is looking for ways to find the money without borrowing more money that there is a The CEO is seriously considering cutting costs in the other operating areas of the company. He is reluctant to reduce the Financial Accounting Department budget due to the requirements of the creditors, but he is looking to dramatically reduce other operating departments, since they are primarily used to support internal operations. As the COO, you strongly disagree with the position of the CEO and believe that he doesn't fully understand the important role the other operating groups play in all aspects of the company. You don't want to reduce your support staff since they provide critical information for you to make operating decisions. It is your goal to convince him that reducing your staff and other operating departments is not a good idea and could permanently damage the company. You must develop a convincing argument to make your case. You must provide the CEO with a list of problem-solving options that would allow the company to achieve a advantage without reducing your operating departments.Explanation / Answer
A company runs with a potential workforce who manages the potential targets and balances all important decisions for the sake of the organizations. Reducing operating departments is not the solution to stay away from budget pressure. As the operating area is providing an enormous support to build the organization more balanced so that it can quickly move away from the financial crisis and if in this situation to lower the budget of the company if they are removed from those departments then the situation can be more worst. The company can face more crisis as the department's functions need to be more crucial and it will also get affected due to such decisions.
The lists of problem-solving options are as follows:
1. Required to lower the supply cost
2. Reduction in production cost
3. Reduction of the unnecessary financial cost
4. Bring latest techniques in marketing standards
5. Adopting proven strategies in the system
6. Very keen focus is required on quality
7. Increase the skills of the manpower in the organization
8. Reduce business cost by taking the online/ virtual media to operate the business.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.