2023 Create a proposal to address operations management issues and decisions as they apply to a fictional bank | Assignments Online

 

Create a proposal to address operations management issues and decisions as they apply to a fictional bank.

Operations management is the core of any business. It is the management function that coordinates all the activities in relation to product/service reliability, quality, efficiencies, delivery, and meeting customers’ expectations.

 

Scenario

Consider the operations management aspects of the organization in the following scenario:

Madero Bank is a regional U.S. bank. Madero Bank’s managers decided on a business strategy emphasizing customer service, rather than on some other dimension such as customer financials (providing higher interest rates on savings accounts, lower interest rates on loan, and so forth). To help the bank implement that customer service strategy, they conducted a survey of their customers, and found that the customers would like the bank to be open for more hours. As a result, Madero Bank decided to remain open until 7:00 P.M. on Fridays, and to be open from 9:00 A. M. to 4:00 P. M. on Saturdays.

The expanded hours have presented challenges for Madero Bank’s operations management team, in staffing an adequate number of tellers to cover those additional hours without customers having to wait in long lines. Madero Bank’s managers are also considering additional approaches to support their customer service strategy, including the following:

• Providing additional hours of telephone customer support (which would involve securing additional telephone lines, customer support representatives, and telephone and computer equipment).
• Advancing the bank’s online banking functionality (including a redesigned Web site and the development of an app on each of the leading mobile platforms).
• Redesigning the physical layout of the bank to better utilize high-contact areas (areas with significant customer traffic) and low-contact areas (areas with little or no customer traffic).
• Offering service bundles for the bank’s largest personal and business banking customers, such as a predefined set of accounts, services, and reduced fees for platinum-level customers.

Operations Management Proposal

Using the scenario above, create a proposal in which you provide answers to the following questions:

• How should operations management and associated improvements support Madero Bank’s strategy?
• How might service bundles be utilized in support of this strategy? How do they relate to the initial purpose of the bank?
• What are some of the key operations management decisions to be made at Madero Bank?
• What operations management changes would you recommend, and why? (These changes could be related to hours, facilities, equipment, and personnel.)

Additional Requirements

• Written communication: Written communication should be free of errors that detract from the overall message.
• APA formatting: Any references and citations should be formatted according to APA (6th edition) style and formatting.
• Font and font size: Times New Roman, 12-point.