The efficient and effective implementation of the policies and tasks necessary to satisfy a firm’s customers, employees, and management (and stockholders, if a publicly owned company).
From India , New Delhi
Student (mba) / Trainer
Financial Management

well ..bang on target .... here is some more elaboration ....

Operations Management

Excellence in the management of operations and technology provides a competitive advantage that organizations need to excel in today's fast-paced business environment. Faced with pressures from domestic and international competitors, leading organizations have recognized that success must be built upon the synergy generated between technically trained personnel, farsighted management practices, and leading-edge knowledge.

Operations Management obtains its definition and scope from its vision of an organization as a system. The effectiveness of the system is determined by the success with which various subsystems and components interact with each other and with the environment in which the organization operates.

At the heart of successful management is the ability to draw upon the resources of many disciplines and integrate relevant principles and background information in order to define and analyze a problem. Once defined, the manager must identify alternative possible solutions, evaluate these in terms of the broader goals and values of the organization, implement the apparently dominant solution, and, finally, assess the actual consequences of the solution for the effectiveness of the organization.

The Operations Management specialization equips managers with the tools required to link engineering and scientific capabilities with business management disciplines to address planning, development, and implementation capabilities.

Operations management deals with topics such as supply chain management, project management, technology management, modeling dynamic systems, and quality management.

Three sub-fields are worth specific mention:

Project Management. Rapid changes in technology and market characteristics are forcing organizations to respond more rapidly to competitive pressures. Effective project management can enhance the speed, efficiency and effectiveness with which an organization is able to manage internal changes, develop and introduce new products and services, and find solutions to problems facing the organization. Successful project management depends on a manager's ability to identify and organize tasks and activities in the most effective way. Studies in this area focus on the understanding of the tools, techniques and processes required to manage projects.

Supply Chain Management. Supply chain system activities - communication, inventory management and warehousing, transportation of raw materials and finished goods, and facility location - have been performed since the dawn of commercial activity. Yet it is only over the last few years that firms have begun focusing on supply chain management as a source of strategic advantage. In today' competitive world, dominated by forces of globalization, advances in information technologies, and continually evolving customer needs, organizations have formed networks for sourcing raw materials, manufacturing or creating services, storing and distributing goods, and ultimately delivering the products and services to customers. Supply chain management is about managing the network of all participating organizations to increase profits for all with a focus on satisfying ultimate customers. Studies in this area focus on equipping students with a systems perspective, and the concepts, tools, and techniques to seek out opportunities for managing a system that extends beyond the boundaries of a single organization.

Technology Management. Technology Management is a part of management expertise that aims at improving the creation, change, acquisition, transfer and evaluation of technologies. It addresses such issues as technology strategy of a firm, evaluation of emerging technologies, technology forecasting, R&D management, managing new product development and implementation of technological innovations. International aspects of technology transfer and acquisition are also included.


More Line of Thoughts (LoT's) are welcome ....

... shoOOonya ...

From Switzerland , Geneva

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