Operations management

From Wikiversity

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 classes typically cover:

• Supply chain management, in particular the Newsvendor model
• Six Sigma and other quality management concepts
• Risk pooling-that is, the managerial signifance 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.
• Queueing 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