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“It’s hard to stay on top of everything,” says this week’s guest professor, Santiago Gallino. “What’s not hard is to plan for everything.” Today, we’re heading into the area of business where plans and back-up plans are mastered: operations management.
It’s not just about anticipating bottlenecks and imagining solutions, because there’s always a bottleneck to address. It’s about modeling, and weighing the costs of screwing up against the costs of missing out. For example, take a newspaper vendor who has to decide how many papers to sell tomorrow morning. Do they buy fewer, knowing they’ll run out—and miss out on the potential revenue from unsold papers? Or do they buy more, just in case—and take on the cost of some unsold papers? This trade-off applies to all types of businesses, and Gallino walks us through how to choose.
The only certainty in life is uncertainty. But we are certain that you will come out of this experience better prepared for your future career. Fortunately, there is no bottleneck in the podcast industry.
The series is hosted by Robert Smith and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Alex Goldmark and designed by James Willetts. The show is fact-checked by Sierra Juarez.
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Music: Universal Production Music – Lost Situation, Vision, Pyramid Thoughts, Wandering Around and Growling Sax Surf; Audio Network – Reflected Colours and Sweet Valentine.
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