Operations management is a business field with high involvement in operations management to ensure productivity in the project accomplishment. Transforming the inputs into the final goods and services to add value is considered operation management. The main aim of operations management is to maximise the overall effectiveness and the production of goods and services as a whole. Many operating decisions are supposed to be made to generate long-term and short-term impacts. The ability of the organisation to produce the goods and services and value addition in the final offerings is what operations management works upon.
In an organisation’s operations, management is one of three strategic functions vital to accomplishing the organisation’s strategy to ensure long-term survival. The rest two are the marketing and finance of the organisation. The operation strategy is created considering the overall organisation’s strategy for gaining efficient results in future. Essential functions in operations management include forecasting, product designing, delivery management, supply chain management etc.
Strategic sourcing: Strategic sourcing is a procurement process that connects the data collection, spend analysis, negotiation, market research and contracting. Strategic sourcing can be easily customised according to the needs and wants of the customers. Strategic sourcing is a process wherein the main tasks include automation workflows, network, participation in business participation etc. The main four steps in the same include data collection and spend analysis, supplier discovery and RFx, negotiations and contracting and last but not the least, implementation and optimisation.
Total quality management: TQM is considered to be a customer-focused process that mainly focuses on improving the business operations consistently. It basically manages to ensure all the associated employees work towards the organisation’s primary goal, which means improving product and service quality along with the procedures and production. Some crucial principles of total quality management include customer focus, commitment from the leadership, people engagement, process approach, continuous improvements, evidence-based decision-making, and relationship management.
Scheduling and planning: Operations management is also popularly known to the people as operations planning or operations scheduling, a term assigned to planning the production in all the genres, from the workforce’s activities to product delivery. The planning process involves determining the most appropriate procedures and policies to achieve a project’s objectives. Scheduling in operations management covers project action plans for an operating timetable’s scope, time, and cost. Planning in operations management considers which resources and materials shall be allocated for every job, whereas scheduling improves the timing component of the production schedule.
Quality tools and techniques: The quality tools and techniques are usually used in quality management and process improvement. The quality techniques in operations management include all the methods and procedures that are used in the field of quality management and quality assurance at all the product creation levels to solve specific problems. Quality management tools and techniques are required in an organisation to help the employees analyse the standard problems that occur repeatedly and their root causes. The overall quality of the goods and services can be increased with the help of quality management tools and techniques.
Materials management: Material management in operations management uses the catalogues and production requirements for planning and control to ensure the materials are always available as and when required for meeting the production schedule. Material management plays a vital role when the demand in the market is inevitable, and the company must have enough to produce as and when the demand for goods in the market rises or fall. Material management is important for boosting construction projects’ overall productivity and efficiency.
Inventory management: Inventory management is the methodology of storing, ordering, selling, and using the inventory that belongs to the company. The management of raw materials is an essential part of inventory management. It includes managing the raw materials, finished products and components, and processing and warehousing of certain items. Inventory management is essential for an organisation as it is crucial for its health and helps ensure that only at the rarest events there is too little or too much stock on hand, which limits the risk of inaccurate records and stockouts.
Business continuity planning: Business continuity planning refers to the process that is involved in creating a prevention and recovery system from all kinds of threats to the company. Business continuity planning has mainly five components that shall be considered by the students while studying operation management and assignment writing: planning and effective responses, communication, testing and training, roles and responsibilities, risks, and potential business impacts along with planning and effective response.
1. Explain the meaning and importance of revenue management.
Revenue management refers to applying disciplined analytics that predicts consumer behaviour. This is usually done at the micro-market levels to optimise product availability, leverage price elasticity, and maximise revenue growth and profit. Revenue management is also popularly known as yield management, which refers to the providing strategy wherein the rates of services as well as goods are set depending on the consumer demand at any and every point of time. It is also considered o be a combination of the pricing and strategies for increasing the production.
2. Briefly describe the term linear programming model.
A linear programming model is a method that is used to achieve the best outcome like the maximum potential and profits in the least investment in a model whose requirements are represented through a linear relationship. The most important part of the linear programming model includes component decisions, variables, objective functions, and constraints. Operations management considers the linear programming model to process and make decisions about the most efficient use of the limited resources like time, money, materials, and machinery.
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