Operations Management: Queueing and Forecasting
Single-Server Queue Model Principles
A key assumption for the single-server queue model is that the average interarrival time (time between arrivals) must be greater than the average process time.
Utilization and Probability Formulas
Utilization (ρ) represents the percentage of time a server is busy. It is calculated as:
ρ = λ (arrival rate) / μ (service rate).
The probability of having n customers in the system is defined as: Pn = (1 – ρ)ρn.
Queue Formation and Capacity
In a scenario where the
Read MoreEffective Leadership and Organizational Management
Leadership and Management Fundamentals
Leadership is defined by influence, which involves creating a vision, setting goals, and driving change. In contrast, Management focuses on planning, order, and control to maintain stability. Effective leadership requires clarity, coherence, leading by example, providing feedback, and maintaining accountability.
Lewin’s Leadership Styles
- Autocratic: The leader decides rules and tasks, maintains high control, and directly praises or criticizes.
Example: “We do
Understanding Corporate Social Responsibility Principles and Theories
Corporate Social Responsibility (CSR)
: It is defined as a way by which a corporation maintains a balance among social, economic, and environmental responsibilities in its activities in order to address shareholder and other stakeholder expectations. Also, CSR gives an image that both business and society are inter-related and hence, it can be expressed via 3 principles: Legitimacy Public Responsibility Managerial Discretion..
.Legitimacy (The principle of public responsibility
Frank Knight’s Theory of Profit and Economic Risk
Frank H. Knight’s Employer Risk Theory (1885-1972)
The economist Frank H. Knight published his seminal work, Risk, Uncertainty and Profit, in 1921. This book explains his theory of the entrepreneur.
Key Distinctions in Knight’s Theory
Knight highlights the crucial distinction between:
- Risk: Randomness where probabilities are known.
- Uncertainty: Randomness where probabilities are unknown.
He underlines the critical role of entrepreneurs in the economy by assuming the risk associated with economic activity.
Read MoreBusiness Management Principles and Core Functions
Fundamentals of Management
Definition of Management
Management is the process of planning, organising, staffing, directing, and controlling to achieve organizational goals.
Objectives of Management
- Organisational: Profit and survival
- Social: Society welfare
- Personal: Employee needs
Importance of Management
- Achieving goals: Target fulfilment
- Efficiency: Cost reduction
- Development: Growth
Levels of Management
- Top: Policy making
- Middle: Implementation
- Lower: Supervision
Nature of Management
- Science: Systematic knowledge
- Art:
Engineering Ethics, Professionalism, and Social Responsibility
Fundamentals of Ethics
Meaning of Ethics
Ethics is the systematic study of moral values, principles, duties, and standards that guide human behavior. In engineering, ethics provides a framework for decision-making, ensuring that engineers act with honesty, integrity, fairness, and responsibility toward society, the environment, and stakeholders.
Characteristics of Ethical Behavior
- Universality – Ethical principles apply broadly to all situations and people.
- Impartiality – Decisions must not be biased