Answer to Question #190583 in Management for silbarius amakali

Question

Discuss the various impacts of operations management on the success of a business

Answer 1

Operations management (OM) is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization. Operations management helps companies plan every single aspect of the business including capacity planning, productivity analysis and improvement, and quality assurance. Secondly, it holds immense influence on how companies can improve performance and their financial bottom line. Thirdly, it helps effectively manage, control and supervise goods, services, and people. Fourthly, it can a firm make the best use of its resources by specifying the policies and plans for using the organization's resources to support its long-term competitive strategy. Lastly, it provides opportunities for the organization to achieve unique competitive advantages that attract and keep customers. All the above factors aid in the success of the business.