Please answer the following by bullet w references must be 200 word count.

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Business Finance

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  • What is capacity management and why is it an important focus for firms?
  • How does one execute capacity planning?
  • Compare and contrast capacity planning for service and manufacturing businesses.
  • What are enterprise resource planning (ERP) systems and why are they important?
  • How are supply chains enabled and improved via ERP systems?
  • How is information shared amongst business units via ERP systems?
  • Why is it important for firms to focus on forecasting models?
  • Compare and contrast the various types of forecasting models.
  • Why is sales and operations planning an important focus for many firms?
  • Why is it important for many firms to focus on yield management?

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Explanation & Answer

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Last Name 1
Name
University of Phoenix
OPS/571
Nov 10, 2017
Discussion Question Week 5
1.What is capacity management and why is it an important focus for firms?
Answer
The capability of a machine, work center, plant or organisation to produce output per period
is called capacity Operation and supply chain managers must make decisions regarding how
much capacity their organization needs and which types. Thus, capacity is the rate of for
doing work and not the quantity of work done. Capacity management deals with determining
the capacity need to achieve the priority plans as well as planning, monitoring and controlling
that capacity in order to meet the priority plan. The objective of capacity management is to
maintain balance between capacity and demand efficiently. Capacity management is
accountable for all aspects of operations capacity. Further, using capacity planning the longterm capacity of a process is matched to the demand for its products. It is important for the
firm to firms to focus on capacity management because it helps them to meet customer's
demand for their products and services. Also,it helps in the smooth running of business as
capacity management through capacity planning can ascertain the demand of products in the
market.
References
Investopedia. (2017). Capacity Management. Investopedia. Retrieved 10 Nov 2017, from
http://www.investopedia.com/terms/c/capacity-management.asp
Jacobs, F. R., & Chase, R. B. (2014). Operations and supply chain management (14th ed.).
New York, NY: McGraw-Hill Irwin.

Last Name 2
2. How does one execute capacity planning?
Answer
In order to meet the objective of changing demands of firm’s product capacity planning helps
in determining the production capacity.Capacity planning involves capacity designing which
is the maximum amount of work that an organization is capable of doing in a given period of
time.Every business organization is surrounded by constraints such as material handling,
shipping of products, quality problems, etc. Effective capacity is the maximum amount of
work that an organization is capable of doing in a given amount of time using the above-said
constraints. The execution of strategy of capacity planning is subject to the constraint that the
organizations have to address. The general approach to executing capacity planning is based
on the following steps:
1. The first step involves considering demand and translating them into a required
capacity for the process.
2. Determining the capacity already available in the process
3. Next step is to identify any mismatch between capacity available and needed.
4. If there is a mismatch between capacity available and needed, then suggest
alternative plans.
5. Compare the best plan among the alternatives.
6. Implement the best capacity plan.
References
Jacobs, F. R., & Chase, R. B. (2014). Operations and supply chain management (14th
ed.). New York, NY: McGraw-Hill Irwin.

Last Name 3
3. Compare and contrast capacity planning for service and manufacturing businesses.
Answer
The manufacturing and service business differs in terms of output of production.
Manufacturing business...


Anonymous
Excellent resource! Really helped me get the gist of things.

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