Operations Management Essay

They have been able to generate different sources of revenues through commercial banking, credit card and retail financial services, which separates them from competing with some investment banking companies. The accounts, products and features the company offers sometimes have fees which it is willing to waive. Since the company wants the “share of wallet” of high balanced customers, it will take such actions. This action of course has the potential to deepen relationships. In the article by author Charles Keenen he states, “According to Bancography, a consulting firm in Birmingham, Ala., a customer who has just one product with a bank will stick with that bank for about 18 months, but add even one product - a savings account, perhaps - and the average jumps to four years. Customers with three products will stay with the bank for about 6.8 years.”

1. What recommendations would you make to John Wolf with respect to structuring the supplier relationship process for the Wolf Motors dealership network?

Wells Fargo fired 5300 employees. The employees took millions in fees by regularly opening new

Using Constant Table, we find the value of A2 for Subgroup of n=6 as A2 = 0.483

Wells Fargo is a well known banking company that has recently been in the news for some not-so-good reasons. The Wells Fargo company has been around for a long time and is trusted by their many customers to treat them fairly when it comes to opening new accounts or managing current accounts. However, according to some of Wells Fargo’s team members (what they call their employees), Wells Fargo has “strict mandates to sign existing customers up for additional products,” (Davidson 1). This means that they want their customers to open new accounts, get new credit cards, transfer a 401(k), and/or take out a mortgage. Since most customers refuse to do so, some of the employees thought that they should go ahead and open new accounts without the customers’ consent. This later back fired when the customers received late notices on payments for the accounts they did not agree to open and did not know they had. Similar actions were happening at Wells Fargo banks

Bank of America thrives off of the premise that they are aiming to enhance the financial lives of their customers. Per the Code of Conduct, Bank of America believes in treating all of their customers equally; they claim to expand beyond expectations to deliver satisfactory customer service; they implement discipline to eliminate financial risks to customers; they pride themselves on acting responsibly; and they strive to help individuals to reach their full financial potential. This company enforces the belief that they honor their ethics fully. This includes making

Even as the scandal broke, Wells Fargo continued to state that they were committed to putting their customers first (Merle, 2016). This was much the same rhetoric as their list of declared ethics statements, such as “be accountable for, and proud of, our conduct and our decisions”, and “comply with the letter and the spirit of the law” (Ferrell, Fraedrich, & Ferrell, L. 2013). In this case, they did neither. If the upper management does not consistently and continually exhibit the leadership insisting on ethical behavior, employees run amok. Another direct conflict with their stated value of “acknowledge and apologize for our mistakes, and learn from our errors so we don’t make them again” was the way in which they accepted responsibility for the fraud, but did not actually admit illegal behavior (CNN Wire, 2016). However, they did reevaluate the decentralized system.

On September 8th, Wells Fargo’s misconduct was exposed when the Los Angeles City Attorney, the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) fined the bank $185 million, alleging that more than 2 million bank accounts and credit cards were opened or applied for without customers' knowledge or permission between May 2011 and July 2015. In response, Wells Fargo fired 5,300 employees and, in an official statement, expressed their regret over the actions those employees had taken in regards to their customers. Wells Fargo also announced that it would be ending its controversial employee sales goals program. Wells Fargo’s employees sales goals program was an incentive-driven compensation program where employees earned financial awards based on the number of financial products they could sell, all under the pressure of satisfying exorbitant sales goals set by the upper management at Wells Fargo.

The economic responsibilities Bank of America has regarding this case is to provide exceptional service for investors and give returns on their investments while maintaining strategic decisions pertaining to its values. Legal responsibilities include adhering to all laws and regulations which include environmental and consumer laws. Daniel Rivas failed to honor Bank of America's code of ethics by initiating illegal acts of tipping and trading information about corporate mergers, investments, and small offers.

1. It has been said that forecasting using exponential smoothing is like driving a car by looking in the rear-view mirror. What are the conditions that would have to exist for driving a car that are analogous to the assumptions made when using exponential smoothing?

Bank of America acquired Merrill Lynch in 2008. There were challenges that followed the acquisition. The following paper is an analysis of some of the challenges that transpired at the time. There is the statement of the problem and a proposition on how the management can handle it. The paper then outlines what could have caused the problem and goes ahead to give solutions to those problems. There are the recommendations of how to permanently solve those problems at the end of the paper (Grant, 2016).

You have been hired as director of an important five stars hotel. The previous manager told you before leaving that you should not worry about quality as there are few complaints from customers. Do you agree with this comment? If not propose means for service quality evaluation and improvement.

Operations management is generally described as the planning, arrangement, and control of activities that change raw materials or an organization's input into finished products and services. The overall activities covered by operations management include the creation, development, manufacture, and distribution of products. The concept also relates to various activities such as inventory control, controlling purchases, quality control, logistics, storage, and evaluation ("Operations Management in McDonalds", n.d.). Since operations management covers the entire operations in an organization, it mainly focuses on the efficiency and effectiveness of the firm's processes.

In any business, the achievable goal is to have a successful form of operations management. The function of this goal is to plan, coordinate, and control resources that are needed to produce a company’s products and services. This area is a critical function within every organization and plays a vital role in the success of any company. Over the course of the years and through changing economies, operations management and its decisions have been altered to reflect updated standards, conditions, and technology. These areas and activities that have been developed are often unseen and overlooked. The evolution of operations management and its purposes were derived from several gurus whose innovation expanded from assembly lines to quality management and strategic perspectives. Operations management has grown to include an emphasis on better quality goods and services, technology, and automation: far exceeding the initial expectation of just minimized costs.

Operations Management is the management of the process that transforms raw materials into goods and services. It is a never ending cycle that deals with the design and management of products, services, processes and supply chains. It also takes into consideration the procurement, development, and usage of resources that industries need to deliver those final goods and services to their clients.