Operations Management is defined as the design, operation, and improvement of the system that create and deliver the firm’s primary products and services. Like marketing and finance, OM is a functional field of business with clear management responsibility. Operations Management is the administration of business practice to create the highest level of efficiency possible within an organization. However, Following definitions will clarify the term more broadly.
Operations Management Definition:
“Operations management involves planning organizing and supervising processes and make necessary improvements for higher profitability.”
“In Business, Operations management is an area of management concerned with the designing and controlling the processes of production and redesigning business operations in the production of good and services.”
So, from the above definition, we found some features of OM they are,
*It’s a managing technology in the operations functions.
*Its concerned with the entire system that produces a good or delivers a product.
*It involves planning, organizing, coordinating and controlling all the resources needed to produce a company’s goods and services.
According to INVESTOPEDIA, Specific Responsibilities of Operations Management:
Operations management handles various strategic issues including determining the size of manufacturing plants and project management methods and implementing the structure of information technology networks. Other operational issues include the management of inventory levels, including work-in-process levels and raw materials acquisition; quality control; materials handling; and maintenance policies. Operations management entails studying the use of raw materials and ensuring minimal waste occurs. Managers utilize numerous formulas such as the economic order quantity formula to determine when and how large of an inventory order to process and how much inventory to hold on hand.
So, Basically, Operations Management is the business function responsible for managing the process of creation of goods and services.
Contributor: Atkia Rezwana Ila.
From Mawlana Bhashani Science & Technology University