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Operations Management- Assignment

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Added on  2020-03-23

Operations Management- Assignment

   Added on 2020-03-23

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Running Head: OPEARTIONS MANAGEMENT 1Operations Management: Wal-Mart Corporation
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OPEARTIONS MANAGEMENT 2Table of ContentsIntroduction......................................................................................................................................3Company Introduction.....................................................................................................................3Goals and Objectives of Wal-Mart..............................................................................................4Operation Management Aspects......................................................................................................4Objectives of Operations Management........................................................................................4Operations Strategy......................................................................................................................5Contribution to competitive priorities..........................................................................................5Order qualifiers and winners........................................................................................................6Customers.....................................................................................................................................7Operations Management at Wal-Mart.............................................................................................7Designing products and services..................................................................................................7Quality Management....................................................................................................................8Process Layout.............................................................................................................................8Capacity and process design........................................................................................................9Location Strategy.......................................................................................................................10Supply Chain Management........................................................................................................10Expansion Strategy....................................................................................................................11Inventory Management..............................................................................................................12Determination of productivity....................................................................................................12The Next Five Years......................................................................................................................13Environmental Changes.............................................................................................................13Changes in Operations Management.........................................................................................14Factors behind Changes in Operations Management.................................................................14Intense Competition...................................................................................................................15Changes in the customers’ demands and preferences................................................................15Conclusion.....................................................................................................................................15References......................................................................................................................................16
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OPEARTIONS MANAGEMENT 3Introduction Managing the operations effectively is very important for an organization. OperationManagement is an approach that includes a specific structure, which is associated with theproduction of products by converting the inputs into outputs. For each and every company,Operations Management process is an important process, whether it is operating its business inproduction industry or service industry. Operations strategy is primary component of under thisprocess, which is utilized as a long term strategy for making use of organizational resources todevelop compatibility between company’s business strategy and key resources. Moreover, itconsists of many processes of a business entity, like; designing the products and services,managing supply chain and quality etc. The company, which is chosen for this discussion is Wal-Mart Corporation that is based inUnited States. This report includes different concepts of operations management about Wal-MartCorporation, such as; operations strategy, order winners and qualifiers, goals and objectives andcontribution to competitive priorities. Moreover, there is the discussion about the practices andprocesses that are processed to convert the raw materials into finished products. At the end, itincludes the discussion about the reasons behind the fact why Wal-Mart requires changing itsprocess of operations management and strategy over the duration of coming five years. Company IntroductionWal-Mart Corporation is international retailer that was founded by Sam Walton in United Statesin the year 1962. Wal-Mart is regarded as one of the largest retailers in the world and it is a fast-growing firm in the area of supply chain and retail management. Its business operations andpresence is very strong in the states of Latin America and America. The company is operating itsbusiness through supermarkets, retail stores, grocery stores and departmental stores. Currently, itowns more than 11695 stores and clubs in over 25 nations (Wal-Mart Stores, Inc. 2017). Apartfrom these facts, the company is the largest revenue generator in the world. It has expanded itsbusiness processes in several organizations such as; Canada, Brazil, Chile etc. It has been rankedin American Magazine Fortune 500 firms from last three years. After some year of itsestablishment, the company has been listed on New York Stock exchange in 1972. Other thanthis, the company was named as most revenue generator and cost effective in United States ofAmerica. Now, Wal-Mart is well-known as a leading player in global retail sector. In order to
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OPEARTIONS MANAGEMENT 4fulfill the changing global demands, the company always practices an effective operationsmanagement. In this report, it is taken into consideration that Wal-Mart is adopting very effectiveoperation strategies and processes (Wal-Mart, 2017). The major objective of this report is tomake focus on the operations management process of Wal-Mart. Goals and Objectives of Wal-Mart The mission statement of Wal-Mart is “to assist the people in saving their money, so they canlive life in a better way”. The primary goals and objectives of the company are to offer thegrocery and other products to the customers on discounted prices, so that they can save theirmoney and use it in living their life in an effective manner (Agrawal & Smith, 2015). By doingthis, company wants to reach to its mission, i.e. “to become one of the best retailers in the mindsof employees and its customers”. Along with this, it is aiming to attain a top rank in retail sectorworldwide. Operation Management Aspects Adopting an effective operations management process is very important for each and everybusiness. At Wal-Mart, operational planning has been working as a key success factor. Thisorganization is the most suitable example, when it is about the process of operationsmanagement. Operations management at Wal-Mart includes various approaches, which areemphasized on managing the sales performance, inventory and supply chain management (Aviv,Lariviere & Terwiesch, 2009). By looking at the facts and figures, it can be stated that thesuccess of company is somewhat based on the performance of its operation management process.Wal-Mart is serving an extensive customer base by handling the operations in an efficientmanner. There are some important aspects of operations management that need to be included byan organization. Some of these aspects are given below; Objectives of Operations ManagementAs mentioned above, Operations Management is a significant process to improve it businessprocesses and operations. Under its operations management, Wal-Mart is putting in efforts toenhance its operations and retail services, so it can attain desired revenues and profits (Ball,2011). By developing this process, the company wants to fulfill its overall goals of business andovercome the issues, which may cause inefficiency in the operations and business.
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