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Operation Management (OM) is related to the management of designing and controlling the process of production and redesigning the business operations (Loch & Wu, 2007). It ensures optimum utilization, acquisition and development of resources to produce and deliver organizational product as per customers' needs and wants. OM is a fundamental part of organizational growth and success because it has a significant impact on several business functions, which are important to run the business in global market (Young, 2009).
Similarly, it increases efficiency of operations and resources, which is beneficial to reduce cost of products and services. OM also increases customer satisfaction by offering quality products as per their wants that also increases revenue of the firm. It also supports innovation to utilize resources, which also reduce the amount of investment to produce products (Lewis & Slack, 2003). Thus, use of OM sustains innovation within the organization, which shows its importance for organizational growth and sustainability.
Good knowledge is important in service and manufacturing industries but knowledge of OM in service industry is highly important as compared to manufacturing industries. It is because service sector constitutes a dominant segment of country economy and characteristics of services are intangible, which can be affected by any wrong action or practices in OM (Loch & Wu, 2007). Similarly, percentage of the use and involvement of workforce is high in service sector as compared to manufacturing industries, which also increases chances of any mistake or problem in OM (Young, 2009). Therefore, in order to take sufficient decisions and benefits of OM, it becomes more important for firms in service industry to have good knowledge about OM.
PERT (program evaluation and review technique) and CPM (critical path method) are the techniques, which are used by firms for planning, scheduling and controlling large-scale projects effectively. It is because these techniques enable managers to obtain graphical display of activities of a project, which helps to determine the time to complete the project. To know about most important and critical activities in projects, these ...
This response discusses operation management and its several aspects. In this response, it is discussed what is operations management, use of PERT/CPM techniques for managing projects, economies of scale, issues in supply chain management, and why inventories are necessary. Furthermore, guidelines for solving the given operation management problems are also provided.