Operations Management is a critical component of any organization, regardless of the industry. It is responsible for the planning, organizing, and overseeing of activities that take into account assets, costs, and human resources. It begins with a thorough analysis of processes and requires an understanding of each operational function in order to be successful. The three main functions of Operations Management are financial management, market research, and quality control.
Financial management involves limiting financial participation to things relevant to the production process. Market research requires gathering market information and communicating the results to a product design team. Quality control involves conducting a market study to determine what the quality standards should be in the industry and using those standards as a reference point for future quality management. Data-based decision-making is also an important part of operations management.
This involves forecasting product demand by analyzing past trends and communicating the forecast results to department leaders so that they can adjust future plans accordingly. Operations managers must also have an affinity for technology in order to design processes that are efficient and comply with technology.
The Essential Functions of Operations ManagementThe three essential functions of operations management are financial management, market research, and quality control. This includes budgeting, cost analysis, and financial forecasting. This includes customer surveys, competitor analysis, and trend analysis.
This includes product testing, process improvement, and defect prevention.