OPSMAN LECTURE.docx

**Operations Management Lecture Notes** **Introduction to Operations Management** - Definition of Operations Management:\ Involves planning, conducting processes of production, and redesigning business operations for goods/services.\ Requires planning, organizing, and inspecting to b...

**Operations Management Lecture Notes** **Introduction to Operations Management** - Definition of Operations Management:\ Involves planning, conducting processes of production, and redesigning business operations for goods/services.\ Requires planning, organizing, and inspecting to balance revenues and costs for maximum operating profit. **Nature of Operations Management** - Dynamic process: - Changes according to market trends. - Involves management of activities converting raw materials into finished products. - Continuous process: - Engaged by organizations as long as they operate. **Duties and Responsibilities in Operations Management** 1. **Product Design**: - Planning and creating products for customers. - Involves developing new concepts and expanding current ideas to meet customer needs and market trends. 2. **Forecasting**: - Making predictions based on past data to anticipate customer demand. - Helps determine future trends and product quantities needed. 3. **Supply Chain Management**: - Network of individuals, resources, activities, and technologies involved in manufacturing and selling products. - Starts with raw materials and ends with delivery to customers. - Involves managing inventory, production, distribution, sales, and sourcing. 4. **Delivery Management**: - Ensures timely delivery of goods to consumers. - Follow-up with consumers to ensure satisfaction with the products delivered. **Benefits of Operations Management** 1. **Product Quality**: - Verifies durability and safety of products before and after delivery. 2. **Productivity**: - Measures input/output ratio to gauge employee effort. - Ensures optimal staffing to maximize output. 3. **Customer Satisfaction**: - Enhances organizational goodwill by ensuring quality products are delivered. 4. **Maximize Revenue**: - Directly impacts profitability by minimizing operational costs through resource efficiency. 5. **Improve Innovation**: - Implements innovative changes in organizational activities based on research and market conditions. **Conclusion** - Operations management is vital for achieving an efficient process in production and ensuring that customer satisfaction is met. - For more detailed resources, access the PDF linked in the description.