Operations Management

Productivity: The ratio of output to input.
Efficiency: The ability to maximize output while minimizing waste.
Effectiveness: The ability to achieve desired outcomes.

Study Notes

Operations management is a vital aspect of business studies, responsible for managing the production of goods and services.

Operations management is the administration of business practices to create the highest level of efficiency possible within an organization.
It involves planning, organizing, and supervising the production of goods and services.

Design of Goods and Services: Creating products and services that meet customer needs.
Managing Quality: Ensuring products and services meet quality standards.
Process and Capacity Design: Designing production processes and determining capacity.
Location Strategy: Selecting the optimal location for production facilities.
Layout Strategy: Designing the physical layout of production facilities.
Human Resources and Job Design: Managing the workforce and designing jobs to optimize productivity.
Supply Chain Management: Managing the flow of goods, services, and information from raw materials to end customers.
Inventory Management: Managing inventory levels to minimize waste and maximize efficiency.
Scheduling: Determining the optimal production schedule to meet customer demand.
Control and Improvement: Monitoring and improving operations to ensure efficiency and effectiveness.

Lean Production: Eliminating waste and maximizing value-added activities.
Six Sigma: A methodology for improving quality and reducing defects.
Total Quality Management (TQM): A management approach focused on continuous quality improvement.
Just-in-Time (JIT): A production strategy that aims to minimize inventory levels.
Material Requirements Planning (MRP): A system for planning and managing inventory levels.
Enterprise Resource Planning (ERP): A software system for managing all aspects of business operations.