Planet Money Summer School
MBA 6: Operations and 25,000 roses
Aug 16, 2023
Santiago Gallino, a Professor at the Wharton School, dives into the art of operations management. He discusses the tricky balance of forecasting demand, using a newspaper vendor as a prime example. Throughout the conversation, Gallino explores the logistics of selling 25,000 roses for Valentine's Day, emphasizing the unpredictability of supply and the planning necessary to succeed. Listeners learn about the financial risks of over and under-ordering, and how effective operations can transform business outcomes.
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Quick takeaways
- Effective operations management is essential for navigating uncertainties in business, exemplified by the complexities of delivering 25,000 roses for Valentine's Day.
- The news vendor model illustrates the critical balance between managing inventory costs and maximizing potential sales in fluctuating demand scenarios.
Deep dives
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