Operations management
Operations management may be defined as the design, operation, and improvement of the production system that creates the firm’s primary products and services Operations Management can include anything from room setup of chairs and tables of venues and events to IT and A/V equipment setup. we can also say that "Operation management is the set of activity converted goods or services through inputs to output." Operations management takes in the efficient administration, measurement, analysis and supervision of the effective operational processes within an organization. Included are product and facility management, service, purchasing, warehousing, inventory and quality control, logistic, transportation and distribution.
Operations classes typically cover:
- Operations/Production management also includes various steps or functions. This Functions of Production management must be followed in a sequence so that there would be proper functioning of all the functions.
- Supply chain management, in particular the Newsvendor model
- Six Sigma and other quality management concepts
- Risk pooling-that is, the managerial significance of the fact that when you combine two processes the deviation increases by the square of the summation (because variances are additive, standard deviations are not). Risk pooling is often the root cause of economies of scale.
- Queuing theory which is helpful if you want to optimize business processes.
- Management Information Systems
- Action Management - the management of operational "actions" that drive a business
- Operations strategy, project management, process measurement and analysis, facility capacity and location decisions, forecasting quality control and operations planning.
- Quantitative aspects such as inventory management, aggregate and material requirement planning, linear programming, just-in-time systems, statistical process control, waiting-line models, scheduling, financial aspects of project management and capacity utilization
- Dimensions of logistics, procurement and supply chain management, global logistics, managing inventory flow, warehousing decisions, transportation management, third-party logistics and supply chain performance measurement.
Location decisions need to be included operations management.