Table of Content ï‚¡Introduction ï‚¡Key approaches for operation management ï‚¡Importance and value of Operational Management ï‚¡Factors within the business environment that impact upon operational management ï‚¡Conclusion ï‚¡References
Introduction Operations management refers to that area of business where management focus on the activities of designing and controlling the process of production of goods and services. This process is responsible for ensuring that all the available resources are efficiently used in order to meet the objective of business and customers on time.The role of operational manager is to formulate and develop the strategies and tactics to ensure the smooth implementation of operations within the organization.
Key Approaches for Operation Management There are different approaches used by management of organisations to enhance efficiency and effectiveness. Different approaches are helpful for analysing and evaluating organisational situations properly. Some of the common approaches used within Barclays are mentioned below - ï‚¡Just in time ï‚¡Total quality management ï‚¡Lean production
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Importance and Value of Operational Management There is great importance and value of operation management within company. This helps in attaining organisational goals and objectives. Barclays has to understand as well as evaluate importance and value of operation managerfor putting efforts in meeting goals and objectives. Some of the factors that demonstrates importance of operation management are mentioned below - ï‚¡Increasing revenue ï‚¡Market trends ï‚¡Increasing sales
Factors within the business environment that impact upon operational management There are many factors and elements that affect the management and decision making process of the company (Barclays). These factors has impact on the functioning of the company hence, achievement of objectives and goals become complicated. These factors are being explained below: ï‚¡Resources of the organisation ï‚¡Financial status ï‚¡Market trends ï‚¡Stakeholders ï‚¡Legal and political changes ï‚¡Technological changes
Conclusion It is concluded from the above presentation that operation management is important within the companies to manage effectiveness of work. Leaders and managers helps in improving efficiency and effectiveness of organisation. Overall performance of the company can be enhanced by analysing the needs and demands of all operations effectively.
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References ï‚¡Nie,X.andet.al,2020.BigDataanalyticsandIoTinOperationsafetymanagementinUnderWater Management. Computer Communications. 154. pp.188-196. ï‚¡Shajari, Z., Guerrero, J.M. and Javidi, M.H., 2020, September. Operation Management for Next-Generation of MVDC Shipboard Microgrids. In 2020 International Conference on Smart Energy Systems and Technologies (SEST) (pp. 1-6). IEEE. ï‚¡Shuangyi, Z., 2007. A Study of the Roles and Significances of ERP and B2B in Developing E-Commerce. Science & Technology Progress and Policy. (5). p.55.