The business world is full of decisions, which are always (more or less) important to guarantee the success of a specific organization.
There are many techniques that help people solve the problems they have. This assignment will deal with Quantitative methods of Decision Making.
It will describe a German company that is one of the world leading companies in that sector. After explaining its business and activities I will show up a problem within this organization an offer an adequate solution of the presented problem in form of a business report.
Table of Contents
- Introduction
- The FAG Kugelfischer Company
- Problem Solving
- Forecast
- Production
- Roller Manufacturing
- Inspection and Packaging
- Evaluation
Objectives and Key Themes
This assignment focuses on utilizing quantitative methods for decision making within a business context, specifically focusing on the FAG Kugelfischer company. The text examines the company's operations and identifies a problem related to production planning for newly developed roller types. By analyzing the problem and applying quantitative methods, the assignment aims to develop an optimal solution for the company's production planning.
- Quantitative methods for decision making
- Production planning and optimization
- Demand forecasting and analysis
- Operations management and efficiency
- Case study analysis of FAG Kugelfischer
Chapter Summaries
- Introduction: This chapter introduces the concept of decision making in organizations, emphasizing the importance of both short-term and long-term decisions. It highlights the role of quantitative methods in the decision-making process and introduces FAG Kugelfischer as the case study company.
- The FAG Kugelfischer Company: This chapter provides background information about FAG Kugelfischer, highlighting its history, key products, and market position. It discusses the company's global presence, its role in the bearing industry, and its organizational structure. The chapter also explains the basic principles of rolling bearing functionality.
- Problem Solving: This chapter presents the specific problem that the case study focuses on: FAG Kugelfischer's need to develop an operational plan for producing three newly developed roller types. The chapter introduces the use of demand data from past years to inform the planning process and establishes the need for a quantitative approach to solve the problem.
Keywords
The key focus of this assignment lies on the application of quantitative methods to problem-solving in a business context. It explores the use of these methods in production planning, demand forecasting, and optimization within the context of FAG Kugelfischer, a leading manufacturer of rolling bearings. Key terms include quantitative methods, decision making, production planning, demand forecasting, operations management, and case study analysis.
- Quote paper
- Boris Sosnizkij (Author), 2003, Problem Solving with Quantitative Methods / Decision Making, Munich, GRIN Verlag, https://www.grin.com/document/26200
