Hi there – I’m writing a paper where I completed a simulation, and my strategies for doing the simulation are below. I’m looking for credible academic/business strategies to strengthen the reason for my strategies. Can you help? Key references would help as well. Also, would you change the strategy? (I’ve already done it, it’s so that I can learn more) If yes, how so, and why? What sources would support these changes so I can go look and learn. Thanks!! Operation Management & Project Management Strategies Design Room At the beginning of each year, I started in the Design Room, where I was presented with four options to mix and match to add to the high-end phone. During this time, I met with forecasters who provided information on their research of available options and how they might affect demand. My strategy pays close attention to the options’ impact on price, profit, demand estimates, and the standard deviation. It is crucial to read the forecasters’ dynamics and gauge consensus demand. Strategizing option selection requires considering numerous variables, with cost and risk weighing heavily on the final decision. Some options appeared to significantly increase the phone’s price, which could negatively affect demand. The phone market is unpredictable and varies from year to year. I could attempt different option combinations to find the mix that complements each other while also managing the estimated risk. Standard deviation is an essential factor to consider since a higher standard deviation implies greater demand uncertainty. The strategy was to choose safer options with a higher standard deviation to lessen the risk. Forecast Room As I moved into the Forecast Room, I was tasked with predicting the demand for the two phone models for the year. The sales season lasted from May through December, and there was no demand outside those months. It was crucial to note that demand was evenly spread throughout these months. While the forecasting team provided their estimates and a team consensus, it was recommended to focus on the average. This tool is safer than consensus as forecaster dynamics can impact the consensus. Production Room At the outset of the production process, I had to finalize which suppliers I wanted to work with for that year. To make the right decision, I reviewed information such as unit production costs, lead time, setup costs, and production capacity from each supplier. Two of the suppliers were located overseas, while the other two were domestic. There was a significant difference in the information provided by these suppliers. Although the overseas suppliers had lower unit production costs and higher capacity, their lead times were much longer. In contrast, the domestic suppliers had zero lead time and could fulfill immediate capacity needs. After an in-depth analysis, the strategy was to assign most of the production for Model A to overseas suppliers since its demand was more stable. On the other hand, the demand for Model B was more unpredictable thus, was assigned to domestic suppliers. However, it was crucial to make sure enough capacity was left to be flexible in case of any change orders. Therefore, I chose two suppliers, one overseas and one domestic. I also choose the ones with the lowest setup costs, keeping in mind the gross margin. Once the suppliers were selected and their capacity assigned, the the Year began. As the demand data was loaded, I had to make tough decisions about the cost benefits of a change order worth two million dollars and weighed it against the costs associated with excess inventory or markdown costs and profit loss through stockouts. As I moved through the months, I began to see how well my demand predictions were and made decisions accordingly. CELLDEX Investing in CELLDEX, an industry conference and marketing opportunity, required a significant investment of two million dollars. I was hesitant about the cost, especially considering other potential costs which could come up during the year. However, the actual customer data gathered at the conference provided good insight regarding demand. Additionally, the industry conference data allowed for early adjustments to incoming capacity, providing a competitive edge. However, it would still require a change order which costs two million dollars which made me wonder if I would do it again beyond Year 1.
In the fast-paced world of high-end phone manufacturing, strategic decision-making plays a pivotal role in determining success. This paper delves into the strategies employed during the simulation of a high-end phone manufacturing operation, emphasizing the rationale behind these decisions and exploring potential modifications. The simulation is divided into five key areas: Design Room, Forecast Room, Production Room, CELLDEX investment, and the long-term perspective for CELLDEX.
At the onset of each year, the journey begins in the Design Room, where the task is to select from four options to enhance the high-end phone. The foundation of this strategy lies in a comprehensive understanding of how these options impact price, profit, demand, and standard deviation. To bolster this strategy, one can turn to academic sources such as “Operations Management” by William J. Stevenson (2019), which provides insights into the role of product design in managing operations.
This strategy’s strength lies in its dynamic nature, adapting to the ever-changing phone market. If we were to consider potential modifications, further research on consumer behavior and market trends, as discussed in “Operations and Supply Chain Management” by F. Robert Jacobs and Richard B. Chase (2018), could provide invaluable insights.
Moving into the Forecast Room, the objective is to predict demand for the two phone models throughout the year. The focus on the average demand aligns with established best practices, as documented in “Principles of Operations Management” by Jay Heizer and Barry Render (2019). The strategy’s resilience against forecaster dynamics is a key feature.
Should one contemplate adjustments, investigating advanced forecasting techniques and tools could be a path forward. The book “Forecasting: Methods and Applications” by Spyros Makridakis, Steven C. Wheelwright, and Rob J. Hyndman (1998) offers an extensive resource on this subject.
The Production Room strategy revolves around supplier selection based on unit production costs, lead time, setup costs, and capacity. This approach acknowledges the trade-offs between overseas and domestic suppliers, balancing stability and flexibility, as elucidated in “Operations Strategy” by Nigel Slack and Michael Lewis (2018). A notable advantage of this strategy is the allocation of different suppliers for each phone model, considering their distinct demand patterns.
To enhance this strategy, exploring modern supply chain management techniques, particularly those focusing on supplier relationship management, could be beneficial. “Supply Chain Management: Strategy, Planning, and Operation” by Sunil Chopra and Peter Meindl (2018) offers comprehensive insights into supplier management.
The investment in CELLDEX, a marketing opportunity, underscores the dilemma between the significant cost and potential insights. To decide whether to continue beyond Year 1, one should weigh the cost against the insights gained and the competitive edge offered. Academic literature such as “Marketing Strategy” by O. C. Ferrell and Michael D. Hartline (2018) can provide a broader understanding of the decision-making process in marketing investments.
In this paper, we have explored the strategies employed in high-end phone manufacturing operations and project management. While the existing strategies exhibit sound reasoning, the dynamics of the industry continuously evolve. Potential modifications may include incorporating cutting-edge technologies, refining forecasting methods, and optimizing supplier relationships. Ultimately, the adaptability of the strategies is key to sustained success in this ever-changing landscape.
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