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mba assignments answer OM0010 - OPERATIONS MANAGEMENT Q1. What are the elements and objectives of operations management?

Answer: Operations involve transforming inputs into outputs, whereas management deals with transforming these inputs as per the organisation’s policies. Thus, operations management deals with the processes that help in designing, creating, producing, distributing and delivering goods and services. In other words, operations management is the management of the processes that help in producing or delivering goods and services.  

Elements of operations management
You can manage your business operations effectively, only when you are aware of its elements. These are the key elements on which the success or failure of operations management
depends.

These key elements are as follows:
Supply: The main element of operations management is supply. Continuous supply of inputs is required to transform them into output. For example, operations of customer relationship management require a continuous supply of customer-related data, such as customer needs, expectations and buying behaviour.

Efficiency: You have learned that a continuous supply of inputs is an important element of operations management. We can further divide this to include another parameter, that is, efficiency. Efficiency is the ability to meet the supply of inputs for processes with minimum cost, minimum time and utmost quality.

Quality control: A system that maintains a desired level of quality in a product or service is quality control. It deals with detecting defects in the operations that are involved in the production process. It also decreases the operational cost by reducing the losses due to defects.

Objectives of operations management Operations management is concerned with the maximum utilisation of resources. The objectives of operations management are as follows:

Achieving efficiency and effectiveness: Every organisation wants optimal utilisation of its resources to reduce cost and increase profit margins. Operations management aims to optimise the utilisation of resources. It also aims to serve customers in the best possible way. This in turn, helps the organisation to achieve efficiency and effectiveness, where efficiency means doing things right, and effectiveness means doing the right things.  

Achieving right quality and right quantity: Operations management aims at manufacturing the products with the right quality and quantity. The demand and supply of the products should match properly. If the demand is less than the supply, inventory stocks up, whereas if the demand is more than the supply, it leads to a shortage of products. Operations management fulfils the gap between the demand and supply of products. 

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