Operation Management Assignment (Solved)
Added on -2020-11-23
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Running head: BUSINESS OPERATIONS AND STRATEGYBusiness Operations and StrategyName of the Student:Name of the University:Authors’ Note
1BUSINESS OPERATIONS AND STRATEGYIntroduction: Operation management defines the process considered for business planning and execution thatinfluences business function of the corporation in an intense way. Incorporation of necessarybusiness strategies is beneficial to increase the productivity ratio along with the profit scale.Active involvement of senior experts increases the chances of managing the business function ofthe organization in strategic direction. Valuable suggestion of these individuals is helpful tocontrol the production cost that is closely related to the productivity statistics along with theprofit scale. Availability of human resources along with the technical materials increases thechances of maintaining internal functionality of operation management system without anytrouble. The aim of the paper is to address strategic frameworks that are considered in favor ofoperational management system. Evaluation of different design factors along with alternativeshave also been considered in this context. Strategic frameworks for operation management: Operational framework is set to address policies and procedures that are considered to bringnecessary changes in business function of the organization. McKinsey’s strategic model ofhorizon is important to address three distinct goals that need to be managed to improve businessgrowth along with desired outcome (Laudon and Laudon, 2015). The first horizon focuses oncore business policies that are important to manage the business function of organization instrategic direction. Improvement of margins along with cash incomes is important to reach targetbusiness goals successfully (Laudon and Laudon, 2015). Second horizon explains emergingopportunities that are considered to address necessary business plans that are beneficial toincrease productivity rate along with profitability scale.
2BUSINESS OPERATIONS AND STRATEGYThird horizon of blue sky has explained three distinct goals that are important to reach thebusiness goals without any difficulty (Cascio 2018). The strategy of balanced scorecardinfluences business function of the organization (Laudon and Laudon, 2015). Four distinctquadrants are considered to understand need of customers which need to be fulfilled for gainingcompetitive advantage in highly competitive market scenario. Financial quadrant is required toaddress financial aspects that need to be managed to improve organizational function in properway. Internal process of business function is also considered as an essential aspect that needs tobe considered to address necessary change management plan that needs to be followed to reacttarget business objectives along with the profitability scale (Laudon and Laudon, 2015). The keyconcept of knowledge, growth and education is also important that assists in making employeesknowledgeable about strategic actions that need to be considered to meet target businessobjectives successfully. Active involvement of marketers also enables the firm to addressstrategic action plan that is beneficial to make changes in business function of the organization(Cascio 2018). The Ansoff matrix model has been divided in four distinct areas such as marketpenetration, market development, product development and diversification (Laudon and Laudon,2015). The concept of market development explores the strategies that considered to offervaluable products and services ion different business market setting. Product development isanother strategy that explores different strategies for existing products in order to meet changingdemand of service users. Diversification strategy explores the variation considered for differentproducts that draw attention of wide range of consumers existing in the market. Description of main design factors and their alternatives which shape operational management:Design factors are accepted to bring necessary changes in operational management system that isclosely related to the business function of the corporation (Cascio 2018). The strategy of future
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