What is Operational Management?
Operational management 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.
Why is it important?
Operations management is important in a business organization because it helps effectively manage, control and supervise goods, services, and people. Operations management cuts across every sector and industry as it may concern.
Operation management depends on 4 categories;
- The nature of operations - This method explains how resources should be managed to make ongoing production methods of goods and services, efficient.
- operation planning - This describes how organizations use inputs and manage business processes efficiently.
- Inventory stock management - This explains how businesses used their stocks effectively to prosper in operations.
- Project management - State the purpose of project management
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