Week 1 of 8 is over, and we are already working on projects in most classes. I am learning to enjoy this fast-paced style, as it helps me to adapt quickly to new and changing situations. Last Wednesday at 10 PM in our operations class, we got a case assignment that will be due this Wednesday. We had to scramble to form groups of about 6 and figure out a time to meet. Since our classmates on the PT schedule have other responsibilities, it sometimes makes it hard to find a meeting time that suits everyone. We all have to make some kind of sacrifices, right!?
My group spent a marathon 4 hours poring over a case study to come up with a cost-savings plan for a rice plant that was holding far too much inventory in its warehouse and suffered from increased labor costs due to wildly fluctuating production schedules that often necessitated overtime. We designed our own method for forecasting a more reasonable production schedule and built an awesome spreadsheet to crunch it all. (You’re awesome Chris!) When all is said and done, we estimated the plant could save between $7,000 and $8,000 each month by reducing their inventory and working to level-out production.
It felt great to see our hypothesis pan out with quantifiable cost savings! I’m sure we’ll have several more interesting assignments to share with you in the coming weeks.