Operations Management Flashcards, test questions and answers

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What is Operations Management?

Operations Management is an important business practice which refers to the management of activities related to production, operations, and services. It involves the planning, organizing, directing and controlling of resources in order to efficiently produce goods and provide services to customers. Operations management involves coordination between different departments within a company such as manufacturing, finance, marketing and human resources. By utilizing efficient strategies and techniques for managing operations across these various areas of a business organization, companies are able to maximize their profits while reducing costs.The three primary objectives of operations management are cost minimization; quality assurance; and customer satisfaction. Focusing on cost minimization requires an understanding of how best to use available resources like labour, materials and technology in order to reduce overall expenses while still maintaining high standards of quality. Quality assurance ensures that products or services meet all necessary requirements so that they can be considered satisfactory by customers. Finally, customer satisfaction focuses on making sure that customers receive what they have paid for in terms of time frame and quality expectations.Operations managers are responsible for creating plans which will support all three goals simultaneously. This includes the identification of processes that need improvement or may need re-engineering altogether in order to improve efficiency or reduce costs without sacrificing product/service quality or customer experience. Additionally they must also ensure compliance with relevant laws/regulations as well as industry guidelines when developing operational plans for new projects or initiatives . In conclusion ,operations management is critical for any organization looking towards achieving greater levels of success through higher productivity levels , better utilization of resources ,reduced costs & improved customer service .