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Title: The essence of Operations Management is the need to make rational decisions in difficult circumstances with limited, imperfect information - Essay Example

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Operational management is usually termed as production management as well. At the most basic level, it is about getting day to day processes done efficiently, effectively and at low cost…
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Title: The essence of Operations Management is the need to make rational decisions in difficult circumstances with limited, imperfect information
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Extract of sample "Title: The essence of Operations Management is the need to make rational decisions in difficult circumstances with limited, imperfect information"

Download file to see previous pages Operation management is found in all functions of businesses whether it be production, marketing, human resources or finance. (Shim, Jae K., Siegel, Joel G. 1999; Krajewski.2007; Young, Scott T. 2009)
Operations management involves three basic stages management and strategy, planning and inventory and supply management. Each of this stage is crucial in conversion of inputs into outputs. Management and strategy deals with issues like improving productivity, improving the processes, effectiveness of operations, guiding human resource in the operations, measuring their performance in different perspectives and monitoring them and developing and implementing strategies to improve current operations and processes for higher productivity. The second stage is planning. This stage takes a futuristic approach for the business and deals in forecasting, estimations and predictions for the future in order to determine the demand for product and services and the utilization of resources accordingly. The third stage is inventory and supply chain management, the area on which many companies like Dell has focused in order to gain a competitive advantage. Supply chain management deals from transfer of raw material from supplier to transfer of final goods to the consumer. Inventory management is essential to avoid stock outs and timely delivery. Operations management in all is necessary for any organization whether it be manufacturing business or a service. (Young, Scott T. 2009)
Operation managers act as decision makers. They have many alternative choices and they need to make decisions on their analysis and best of knowledge. The quantitative approach to decision making or a quantitative analysis of a problem lays the basis of problem solving and improving techniques. The first step is to define the problem. In this step management needs to identify what are the areas of concern? What ...Download file to see next pagesRead More
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