The Operations and Supply Management CLUB|IIM Kashipur

The Operations and Supply chain Management (OSM) club at Indian Institute of Management Kashipur incessantly works in operations, production & manufacturing, supply chain management, operations strategy, operations research, and project management. The club acts as a perfect medium completely dedicated towards the students. It helps them enhance their domain knowledge and explore new horizons by assisting them in pursuing their interests related to the field. Being established in the initial years of the Institute, the OSM club is one of the oldest academic clubs in IIM Kashipur. By successfully carrying out several inter-college events and interactive sessions, the club has marked its supreme presence amongst the corporates & fellow institutes and has been a front runner in demonstrating excellence & commitment in educating as well as in spreading the domain advancements.

To bring out the best from the Institute’s students, the club organizes different activities throughout the year. This ranges from quizzes, case study competitions, knowledge sharing sessions to guest lectures and industrial visits. The club believes in the philosophy that sharing knowledge is not just a single-day activity and thus operates open platforms in various social media handles for continuous debates & discussions on different topics, sharing recent trends, and molding the students for case study competitions related to the domain. The club, which had already been connected to a vast network over mediums like LinkedIn and Facebook, has chartered its Instagram presence in the AY 2020-21 and regularly posts different articles and updates through these social media handles.

Certifications

The club perfectly aligns with the Institute’s philosophy of ‘Learning by Doing’ and provides a medium for students to understand the practical applications of the theories they learn. Working on these lines, the club leaves no stones unturned on gauging the batch’s interest and facilitating relevant certification courses that can help in imbibing the culture of continuous learning & improvement. This also allows the students to learn new concepts and apply them in real-life business scenarios and case studies. In the AY 2019-20, the Club organized the Six Sigma Green Belt Certification by KPMG where around 40 students had participated and successfully completed their certification. Through the CII certification opportunity facilitated by the Club, 9 students were able to gain valuable inputs on notions such as supply chain analytics and warehouse management. The Club had also been successful in connecting with ISCEA (International Supply Chain Education Alliance). It was able to gain benefits through access to practical implementations, certification courses, and easily connect to the Industries in Operations. The Club had also thrown up a CDDP certification program for the IIM Kashipur student fraternity in the AY 2019-20.

Industrial Interactions / Guest Lectures

The club also bridges the gap between academia and industry by organizing interactions and lectures with industry stalwarts where the elite industrial professionals share their experiences and guide students to make them acquainted with the relevant skills required to excel in the industry. The club conducted the operations summit of Coalescence on 14th Sept.’19 and erudite speakers from leading organizations like McKinsey, Emami Ltd, Patanjali Ayurved Pvt.Ltd, Globelink India Pvt.Ltd, and IVY Technology India enlightened students on the topic of Process Re-Engineering.

Knowledge Sharing Sessions

The club also emphasizes conducting knowledge-sharing sessions and their effectiveness in helping students, especially those who don’t have any pre-requisite knowledge about different Operations and Supply Chain domain courses. Through this, a platform is being offered to the students to improve their public speaking skills and be on the other side of the table. The club also seeks guidance from the esteemed faculties and helps students embrace the academic culture & rigor of IIM Kashipur.

Industrial Visits 

To bring clarity and exposure to students in a practical working environment, the club organizes industrial visits at different manufacturing facilities. It leverages the most densely industrialized regions in the country with over 180 industrial plants in and around the area. This also serves as a platform for budding managers to understand the manufacturing facilities with a practical lens and learn about best practices opted by different companies. The club has organized industrial visits to companies like Ashok Leyland, Mahindra & Mahindra, and IOCL Bottling plant. 

Events

The club believes that the knowledge without application is like a book that is never read and challenges students to work on their toes and organize different intra-college and inter-college competitions throughout the year. The events include treasure hunts, marshmallow games, quizzes, case study competitions, etc. which allow students to put on their thinking caps and understand the constraints from different cross-functional aspects.

The club has organized intra-college events like Opstruct’19 and Ops-Hunt in the AY 2019-20 and AY 2020-21 respectively to make students aware of the various basic terminologies in the field of Operations and Supply Chain Management. In Opstruct’19, students played Marshmallow Game which revolved around inventory management, analytical decision making, and lean concepts. The game tested how efficiently the participants utilized their resources while keeping inventory and lead time in mind. The Ops-Hunt event amalgamated the fun & excitement of treasure hunt with the domain knowledge of operations. The student teams were required to solve different picture perception clues, objective questions, and crosswords to reach the destination.  

Operatius is an annual case study challenge organized as a part of Agnitraya, which is IIM Kashipur’s annual management festival. The event was well received and had witnessed participation from students across the top B-Schools in the country. Operacle is a PAN India case study competition. The club collaborated with different companies like Hesol Consulting to formulate the case study by striking the right balance between relevance & complexity and encouraging students to provide the most efficient & feasible ideas. Osmosis is a PAN India quiz competition organized every year by the club. It comprehends three rounds where participants are tested on different domains like Operations, Quality Management, Supply Chain Management, and their business applications. These inter-college events serve as a base for students to interact with each other and build long term connections.    Hence, in a nutshell, the club functions as constant support to the IIM Kashipur student fraternity in pursuing their interests in Operations and Supply Chain Management and works in association with different internal & external stakeholders to maintain and uplift the academic rigor that the

TFC-The Finance Club|IIM Kashipur

The Finance Club is one of the pioneer academic clubs initiated towards enhancing knowledge in the field of finance through innovative activities such as events, hands-on workshops, knowledge sharing sessions, and guest lectures from industry experts.

The club organizes innovative events throughout the year to enhance the knowledge of finance among the student community in various concepts such as trading, risk management, and investment strategies. BullsEye, a virtual simulation game that was conducted online recently saw overwhelming participation where students had an experience closer to real-time trading. Accrual Madness, Trade Wiz, Aestimatus, Open Outcry, The Simulation Challenge, High Stakes were some of the events conducted over the past year where students from various top business schools actively participated and gained exposure to various financial concepts such as risk management, portfolio management, fund allocation, etc.

TFC believes in practical application of financial knowledge and hence, Pragati, IIM Kashipur’s student-run investment fund was set up during October 2019 to foster investment knowledge among the student community. The fund was set up with the objective to provide investors with an opportunity for long-term capital appreciation by investing in a diversified portfolio comprising large and MidCap Securities. Students and alumni of the institution have actively participated in the fund by investing through multiple fund-raising windows and gained knowledge of its working. The fund is managed by the members of the club under the guidance of Prof. Dilip Kumar and has consistently outperformed its benchmark index Nifty 50 since its launch. Members of the club are actively involved in carrying out market research, portfolio tracking, and publishing monthly factsheets on the fund’s performance. The setup of the fund helped in real-time tracking of the securities market for the club members and other student’s investors during the challenging times of the pandemic which helped in formulating and analyzing various investment strategies to effectively monitor the risk volatility and performance of the portfolio.

The club published articles and newsletters regularly on current financial events through Vit Pratiti and The Financial Gazette. The club has started to post a new series of articles and content related to the working of various financial instruments and analysis of individual companies and conglomerates on social media in order to collaborate and share knowledge with the external community

Recently, the Club has partnered with StockGro, a mobile application for virtual trading and investing where students from leading b-schools get real-time experience in trading and portfolio management. Over 200+ students actively registered and participated in daily contests which helped them to stay updated with the current trends in the stock markets

The Finance Club conducts a number of knowledge-sharing sessions throughout the academic year. A variety of topics such as personal finance, investment, and trading strategies are discussed over a series of sessions which enhances the knowledge of working of stock markets and trading. Special sessions were also held on the discussion on Annual Budget 2019 and its special features which saw participation from more than 100 students.

The club hosted Coalescence – The Finance Summit in association with the academic forum to bridge the industry-university gap. Rakesh Singhania, CFO of Wells Fargo Bank, India, participated as a keynote speaker and shared his experience on how industries navigated adversity in the new era of the post-pandemic. The lecture was attended by over 100 student participants who had an opportunity to interact and gain insights on challenges faced by the financial markets. The club also hosted Money Matters, a guest lecture session in the presence of Prof. Dilip Kumar on discussing various investment-related topics concerning Pragati. The club also aided the students in preparing for competitive examinations by participating in FLIP National Challenge and CFA Research Challenge.

In this way, the club ensures that students get the essence of finance as a domain of management. It helps the students to learn about the scope in this domain and select the best course of action for their future choices. In nutshell, The Finance club fosters a culture for finance within the realms of IIM Kashipur.

Manthan – The annual Finance Summit

Kashipur- 17th January, 2015: Manthan- the annual finance summit was hosted by IIM Kashipur on 17th January, 2015. This year the themes were “High frequency trading- regulation and challenges, growth challenges in BSE, Valuation of e-retail learning and risk management for 21st century”. The bigwigs of the industry graced the campus with their presence so as to share their experiences in the market. The speakers of the occasion were

1. Ms. Rana Usman, Sr. Asst. Vice President, National Stock Exchange

2. Mr. Nayan Mehta, Chief Financial Officer, Bombay Stock Exchange

3. Mr. Anuj Jain, Associate Director, Ernst & Young

4. Mr. Alpesh Porwal, Sr. Vice President & Head- Retail SBI Capital Securities Ltd.

5. Mr. Mohit Kabra, Chief Financial Officer, MakeMyTrip

6. Mr. Satish Kottakota, Chief Financial Officer, Call Health Services Pvt. Ltd.

The event started with the lighting of the lamp by the guests. Thereafter the event kick started with Ms. Rana Usman’s keynote speech and a presentation on ‘Use of algorithms in high frequency trading’. The second keynote speaker for the day was Mr. Nayan Mehta. His young and enthusiastic demeanor was welcomed by the students; he further elaborated the challenges in handling one of the oldest stock exchanges in the world; BSE. Thereafter there was a panel discussion involving Mr. Anuj Jain, Mr. Satish Kottakota, Mr. Alpesh Porwal with Prof. K.N. Badhani of IIM Kashipur as the moderator. The topic of the discussion was “Risk management for 21st century managers”. During the discussion, the panel discussed the growing significance of the understanding of risk profiles of various securities for managers. Finally,there was a keynote speech by Mr. Mohit Kabra (CFO, Makemytrip) who is seen as the posterboy of India’s new age entrepreneurship. He shared his enormous experience in the industry while he was working with companies like PepsiCo, Colgate and Kohler amongst many others. He talked about the sustainability of e-commerce valuation of retail learnings. The event concluded with a vote of thanks by Prof. Kunal of IIM Kashipur.

SPIC MACAY Chapter Begins @ IIM Kashipur

On the eve of Republic Day, SPIC MACAY Chapter of IIM Kashipur concluded a grand event which witnessed performances by virtuosos like Pandit Bhajan Sopori, Shri Suchit Narang and Pandit Kalamandalam Amaljith. This event also marked the beginning of the SPIC MACAY chapter of IIM Kashipur. SPIC MACAY is a voluntary movement that seeks to conserve and promote an awareness of our rich and heterogeneous cultural tapestry amongst the youth of this country through focus on the classical arts.

 

Excel Modeling for extended Johnson Rule of sequencing

PGP ’11 student, Kapil Vaish,  An Operations enthusiast shares his insight on Excel Modeling

Excel Modeling for extended Johnson Rule of sequencing

Johnson Rule as of 1954 is used for optimal solution for sequencing n jobs on two machines. Extended Johnson rule for more than two machines club the problem and make it two machine problem to again carry out same algorithm.

Johnson rule algorithm has a specified rule of allocation of job on machine. Least processing time job on first machine will go first in sequence, Least processing time job on second machine will go last in sequence and hence on. It looks easy for small no of job and only two machines but becomes time consuming and complex n jobs and n machine.

Here I have attempt to develop a Mix integer linear programming model for Johnson rule and extended Johnson rule on more than two machines.

2 Machine “n” job sequencing:

Basic assumptions are:

1.)   A job must follow the sequence over machine i.e. before moving to second machine it has to go through 1^st machine

2.)   Job will have same sequence on 1^st as well as on 2^nd machine

Optimizing Equations:

In sequencing problem we can get the optimal solution by minimizing either of the below three attribute. Deciding which one to minimize is solely depends on the management i.e. on what they want to minimize.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here one thing is to be noted that scheduling sequence could be different for different optimizing equation used. Sequencing could also be different from Johnson rule solution.

An excel example is attached with this article. I have taken a hypothetical example to illustrate how to use MILP for sequencing n job. Sheet 1 have an example of “n” Job on 2 machine and sheet 2 have an example of “n” job “n” machine sequencing.

Hope you have enjoyed the article and gained out of it. Please feel free for any comment and clarification.

You can download the Excel here MILP model for sequencing

 

MILP Model for Clark Algorithm: Vehicle routing Algorithm

PGP ’11 student, Kapil Vaish,  An Operations enthusiast shares his insight on MILP Model for Clark Algorithm

MILP Model for Clark Algorithm: Vehicle routing Algorithm

In a vehicle routing algorithm you would have come across Clark’s algorithm at some point of time. It is a very effective tool to decide the vehicle routing when fleet size is infinite for us but carrier carrying the load is fixed. Algorithm uses the saving method to decide the optimal no of carriers and best possible combination of nodes to get the minimum cost (Distance traveled).

I have attempt a mix integer linear programming model on vehicle routing algorithm. Let’s see how I formulated the model to get the optimal solution. I took help of the research paper by Francois Cote and Yves Potvin on “A tabu search heuristic for the vehicle routing problem with private fleet and common carrier” published in May 2007.

Problem Formulation:

The problem can be formulated as a directed graph having n vertex (nodes) where 0 is the depot from where the carrier starts and end, and others are customers to be visited. Distance (Cost) associated between the pair of vertices are given by C_ij where i,j are vertex and i≠j. Every vertex has a defined demand D_i. Also every carrier has a limited capacity of Q units to carry, fleet size is infinite. The goal of the routing problem is to design at most m routes for the fleet such that:

• Carrier serves single route that starts and end at the depot,
• Every customer is visited exactly once,
• Total demand on each route should not exceed  the capacity Q of carrier,

Such that total distance (cost) is minimized

Subject To:

A formulated model is given in the link below. Model is developed on a small problem with 6 nodes only. But it has a great potential to be applied on day to day companies vehicle routing decision.

Hope excel attached would be very helpful for you. Sheet clark algo is the formulated model and sheet Practice is a practice exercise for you.

Download Excel : Clark

Mystic land Uttarakhand An Uttarakhand Paean : Mohit Rustogi

Mystic land Uttarakhand An Uttarakhand Paean 

Just like a caring father who never lets you down

The mighty Himalayas embellish its crown;

Provides pride, strength and security quite profound

Chamoli, Champawat, & Uttarkashi, here they are in

abound.

Just like a mother who never gives up on you even

when you fail

The Ganges, The Yamuna bustle across its landscape;

Life creator, nurturing and loving, the qualities to avail

Rishikesh , Haridwar are the blessed ones where these

rivers prevail.

Just like a demure woman with beauty such ethereal

One wonders are the mesmerizing waterfalls &the

sensuous lakes real?

Cloistered away from all the worldly tensions & jaded

affairs

Nainitaal, Almora, a perfect visual treat awaits you here.

Oh Man ! now when you have announced your success

to the world & achieved the desired status

Won a beautiful wife earned lots of money , raised kids

with morally upright nature;

It is time for that perfect denouement when you lose it all

to nature

Submit to God , discover truths of life know thyself,

come & unveil this mystic land Uttarakhand

Candlestick Charting

IIM Kashipur, PGP ’11 student, Varun Agarwal,  A finance enthusiast shares his insight on Candlestick Charting

In the 17^th century, the Japanese developed a method of technical analysis to analyse the price of rice contracts. This technique is called candlestick charting. Steven Nison is credited with popularizing candlestick charting and has become recognized as the leading expert on their interpretation.

Candlestick charts display the open, high, low, and closing prices in a format similar to a modern-day bar-chart, but in a manner that extenuates the relationship between the opening and closing prices. Candlestick charts are simply a new way of looking at prices, they don’t involve any calculations.

Each candlestick represents one period (e.g., day) of data. The figure below displays the elements of a candlestick.

The interpretation of candlestick charts is based primarily on patterns. The patterns are examined in three main groups as “Bullish”, “Bearish”, and “Neutral”. These groups are further subdivided with respect to the type of the patterns as “Reversal”, “Continuation”, and with respect to their reliability as “High Reliability”, “Medium Reliability” and “Low Reliability”

Candlestick charts are flexible, because candlestick charts can be used alone or in combination with other technical analysis techniques. A significant advantage attributed to candlestick charting techniques is that these techniques can be used in addition to, not instead of, other technical tools. In fact this system is superior to other technical tools. Candlestick charting techniques provide an extra dimension of analysis. As with all charting methods, candlestick chart patterns are subject to interpretation by the user.

Examples

BULLISH MORNING STAR

Type: Reversal

Relevance: Bullish

Prior Trend: Bearish

Definition

This is a three-candlestick formation that signals a major bottom. It is composed of a first long black body, a second small real body, white or black, gapping lower to form a star. These two candlesticks define a basic star pattern. The third is a white candlestick that closes well into the first session’s black real body. Third candlestick shows that the market turned bullish now.

Recognition Criteria:

• Market is characterized by downtrend.
• We see a long black candlestick in the first day.
• Then we see a small body on the second day gapping in the direction of the previous downtrend.
• Finally we see a white candlestick on the third day.

Explanation:

We see the black body in a falling market suggesting that the bears are in command. Then a small real body appears implying the incapacity of sellers to drive the market lower. The strong white body of third day proves that bulls have taken over. An ideal Bullish Morning Star Pattern preferably has a gap before and after the middle candlestick. The second gap is rare, but lack of it does not take away from the power of this formation.

Important Factors:

• The stars may be more than one, two or even three.
• The colour of the star and its gaps are not important.
• The reliability of this pattern is very high, but still a confirmation in the form of a white candlestick with a higher close or a gap-up is suggested.

BULLISH RISING THREE METHODS

Type: Continuation

Relevance: Bullish

Prior Trend: Bullish

Definition:

The pattern is characterized by a long white candlestick followed by three small bodies in three consecutive days. The small bodies represent some resistance to previous uptrend and they may even trace a short downtrend. These three reaction days usually have black candlesticks but the bodies remain within the high and low range of the first day’s white candlestick. The pattern is completed by a white candlestick on the fifth day, opening above the close of the previous day and closing at a new high. The small downtrend between the two long white candlesticks represents a break during the uptrend. The upward trend then resumes and continues.

Recognition Criteria:

• Market is characterized by uptrend.
• We see a long white candlestick in the first day.
• Then we see small real bodies defining a brief downtrend but staying within the range of the first day on the second, third and fourth days.
• Finally we see a long white candlestick on the fifth day opening above the close of the previous day and also closing at a new high.

Explanation:

The Bullish Rising Three Methods Pattern typically represents a rest in the market action. This may be used to add new positions by longs. The pattern is the reflection of doubts about the ability of the trend to continue. This doubt may increase because of small-range reaction days. However, given the fact that a new low cannot be made, the bullishness is resumed and new highs are set quickly.

Important Factors:

• The high-low range includes the shadows.
• The reliability of this pattern is very high, but a confirmation in the form of a white candlestick with a higher close or a gap-up still is suggested.

 

 

 

Excel Modeling for Wagner Whitin algorithm

PGP ’11 student, Kapil Vaish,  An Operations enthusiast shares his insight on Excel Modeling

Excel Modeling for Wagner Whitin algorithm

The “Squared root formula” for steady state demand for economic lot size is well known. The calculation is predicated upon balancing ordering cost (Setup Cost) and holding cost. But when the assumption of steady state demand rate is dropped i.e. when demand for the future is known but are not constant and when setup cost and holding cost changes with periods then square root formula for the EOQ not necessary give the optimal result in deciding the lot size.

Wagner and Whitin gives the way to decide for a dynamic lot sizing technique in which above assumptions are dropped to get dynamic lot size optimal result. Assumptions they took was:

1.)    Single product Variety

2.)    Unit production cost in constant

3.)    No orders are overdue/ No backorders

4.)    No capacity constraints

5.)    Zero lead time

Here I have applied the algorithm on a hypothetical data just to illustrate you how excel model can be very easy to come up with dynamic lot sizing method.

Variables used:

1.)    S_t is the set up cost in period t

2.)    I_t is the inventory holding cost in period t

3.)    D_t is the demand in period t

4.)    X_t is the production quantity in period t

5.)    Y_t is dummy variable representing 1, if X_t >0, else 0

6.)    M is very large number

7.)    E_t is ending inventory in period t carried to next period

8.)    P is Production Cost per unit

Objective Function:

Objective is to minimize total cost. Total Cost consist of

Constraints:

 

When we apply the objective function and constraints in excel solver we get the optimal solution of lot size per period. An example is given in the link below to illustrate the process. Hope it would be helpful.

Wagner-Whitin Algo

TATA Salt Ad – Promotion Strategy exercise

Student put their creative hat to make impressive TATA Salt AD.