What is Operations Management?

Operations management concerns the management of business process for the efficient utilization of materials, equipment, technology, human resources, etc., within an organization It emphasizes on efficient conversion of materials and labor into products and services so as to increase the firms profits. The teams strive to strike a balance between the costs and revenues of the firm for earning the maximum net operating profit.

Key responsibility of Operations managers include:

• Process management and improvement
• Inventory management
• Supply chain & logistics management
• Customer relationship management

Who are the Stakeholders Of Operations Management

Operations management has an impact on the five broad categories of stakeholders in any organization. 

The five groups are:

• Customers 
• Suppliers 
• Shareholders 
• Employees 
• Society

What are the Objectives of Operations Management?

The general objectives of operations management are: 

• quality, 
• speed, 
• dependability, 
• flexibility, and 
• cost.