What is the Meaning of Operation Management?

In a nutshell, operations management is the administration of business activities to achieve objectives, maximize productivity, and optimize profitability. It is the process of transforming various inputs into finished products of goods and services that are ready for use by the end consumer. Operations management involves studying the utilization of raw materials and ensuring that a minimum amount of waste is produced. It also involves overseeing all tasks related to achieving the highest possible level of operational efficiency. Operations management functions within a pharmaceutical company, for example, are included in the production category.

After the analysis is complete, there are a number of decisions that operations managers must make regarding the improvement of operational performance. Operational analysis includes evaluating the performance of the operations function in relation to established objectives. The analysis process includes collecting data on current operational performance and transforming this raw data into useful information that management can use to make informed decisions. Strategic objectives are associated with the mission and vision and operational objectives are associated with strategic objectives. This was supported by the development of academic programs in industrial and systems engineering disciplines, as well as in fields of operational research and management science (such as multidisciplinary problem-solving fields).

Operations management is responsible for finding suppliers who provide the right products at reasonable prices and who have the capacity to deliver the product when needed. This means that costs can be reduced, as overproduction and waiting time are also reduced, increasing production efficiency and overall operational performance. The operations manager must be able to plan, execute and monitor each project to completion without losing focus. At the end of two years, graduates leave the Leaders for Global Operations (LGO) program with an MBA and a master's degree.