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What is
Operation Management?

Operation
Management is the branch of Management that deals with the area of product,
processes, services and supply chains. It examines the procurement,
development, and application of resources that firms need to deliver the goods
and services their client want.

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The
Preview of Operation Management ranges from strategic to tactical and
operational levels:

Strategic issues include determining the location
and size of plants, deciding the structure or telecom network, and
technological designs, supply chains.
Adroit issues include plant layout
and structure, project management methods, and equipment selection and
replacement.
Operational issues include production
scheduling and control, inventory management, quality control and
inspection, traffic and material handling, and equipment maintenance
policies.

 

Role of
Operation Management in Manufacturing Industry:

Production Planning: Operation management manages
to plan the production and Manufacturing/Production modules in a company.
Production planning utilizes resource allocation of employees, production
capacity, and materials.
Production Control: Operation manager must
constantly plan and observe the activities that make up the process. They
must seek and respond to feedback and
make adjustments were required.
Quality Control: Finally, the operations
manager ensure that the quality standards are maintained and he is directly
required in efforts to ensure that goods are produced based on their specifications.

 

Role of
Operation management in Banking and Financial Services Industry:

The
operations team is responsible for the processing and settlement of all the
financial transactions made at an investment bank or investment managemen1t
firm.

The
Division of Operation is also known as ‘Back Office’, provides support
to the client-facing issues in this department (Client
Facing Department) such as corporate
finance, trading, and corporate banking – sometimes known as the ‘Front Office’. The front office originates business for the bank, and
operations ensure that the business is administered in a controlled, efficient,
timely and risk-free manner. They ensure that services, product, and money
change hands how they are supposed to.

Operations
professionals are involved in developing new systems in order to maximize
efficiency and profitability for the bank. They also ensure each transaction is
cleared, settled and reconciled according to regulatory and control
requirements.

Role of Operations
in the field of Insurance or other Financial Services Companies:
Many financial organizations have found that attempts of cutting the cost and improving
the efficiency during the financial
crisis have been far less successful than it is hoped and are already proving
that it is difficult to sustain. There is a particular risk that someone might
respond in an unthinkable way then the operational shocks could damage customer
service.

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