Question

Question 5: Consider a regular Markov chain which starts at a probability mass vector which is not an equilibrium vector. Is the random process running backward in time from the mass vector of the original chain at n - 20 a Markov chain (i.e. as a process Markov and homogenous)? Provide a precise answer.

Answer 1

Production and operations management is a field of study in which we try to learn and understand how effectively and efficiently products can be developed, process can be improved, how quality standards may be set to the optimal level, how supply and logistics may produce value creation for the organization. The management of production and operations department generally taken care by production and operations manager or a team of engineers who know the specialized domain of material managememt, product design and scheduling, cost reduction techniques etc. Some of the operations management functions include interest to engineers, beginning with maintenance and plant engineering, followed by the functions of human resources management, and purchasing and materials management,Managing Technology,Research Design, Planning Production , Managing Production, Marketing management and project Management. The role of quality control manager is crucial in the field of operations manager . As he makes recommendations, investigations and frame policy for maintenance of high quality conscious products manufacturing so that customers get highest level of satisfaction. project management also plays important role for execution of a newly launched product to the market. The role of marketing management is important to understand for attracting and creating a pool of customers with best offers and services. It can be possible with an operational efficiency The role of human resources in operations management will be critical as they can moderate all the necessities and operational factors into reality so as to complete every type of business contracts by an organization