Importance And Importance Of Operations Management
The term paper has been prepared to specify the importance of operations management and the various aspects concerning it. Operations management overall can be defined as those functions concerning businesses which carry out the activities of planning, organizing, leading and controlling the needed resources to create the goods and services of an organization for the purpose of creating value. Through operations management an organization is able to reduce the product’s cost by efficiency and can also raise revenue by means of increasing the satisfaction of buyers through producing good quality products and services. Operations management can also deduct the amount of investment which is required to manufacture the products and services. Thus operations management provides a firm base of operations and knowledge through new innovations.
1) Introduction
“Operations management consists of those areas of management that are concerned with the productivity, quality, and cost in the activities necessary to transform inputs such as business transactions and information into outputs such as completed transactions as well as strategic planning for the organization.”
Manufacturing and support processes are the main factors which the operations management covers, which add value to the product or service as well as running of the entire supply chain. For managers to improve the effectiveness and efficiency of business operations a number of techniques are used which include
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