Operations Management - Definition
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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