Video Summary
What is the Essence of Operations Management in Organizational Success?
Prof. Bussom - Widener University •
Introduction
Welcome to Operations Management Video Series (Video 1) by Professor Lisa Possum. Operations management is a crucial aspect of organizational success, influencing staffing, inventory management, supply chain logistics, and queueing strategies.
The Essence of Operations Management - A Comprehensive Overview
- Hello and welcome to operations management. I’m Professor Lisa Possum, and in this series of videos, we’re going to delve into the depths of operations management. We will explore what operations management truly entails, why it is a crucial field of study, and how it plays a significant role in the success of various organizations. Operations management is essentially the driving force behind how businesses accomplish their objectives. Whether it’s the number of staff in a store or the logistics of a supply chain, operations management is at the core of making things happen.
The Essence of Operations Management in Organizational Success
- Operations management is a crucial aspect of running any organization efficiently. It involves various components such as staffing, inventory management, supply chain, and even queueing strategies. Staffing entails selecting and hiring the right people to ensure smooth operations, while inventory management focuses on maintaining the right amount of stock at the right time. Supply chain management deals with the logistics of ordering and delivering goods promptly. Additionally, queueing strategies, as seen in theme parks for ride lines, are also part of operations management. Ultimately, operations management is about how organizations accomplish their objectives, whether they are for-profit corporations or not-for-profit entities.
The Essence of Operations Management in Museums and Service Organizations
- As museums and educational institutions, they also deal with operations management. For profit, they are obligated to make a profit for their stakeholders. The best way to achieve this is to have a lean operations manufacturing system. Most people associate operations management with converting raw materials into products and delivering them to customers. Service organizations, like a hair salon, also incorporate operations management from the moment a customer walks in.
The Importance of Operations Management in Business
- Every time you’ve gotten your hair cut and you’ve paid for it, there are a variety of aspects of that transaction that are all governed by operations management. In fact, people have studied operations management across different kinds of organizations and have recognized that nearly 80% of any organization is influenced by operations management. This shows the significant impact operations management has on businesses. Even if you have a solid accounting department, marketing team, human resources department, technology division, or research and development group, it is crucial to have efficient operations management to ensure your product or service is delivered effectively to your customers.
The Significance of Operations Management in Business Success
- Your customer in an efficient manner you’re not going to succeed and that’s why operations management is so important effective and efficient operations can make or break an organization all you have to do is think about the success of organizations such as amazon.com and also think about all the problems that the US Postal Service is having a lot of it has to do with operations management and that’s what we’re going to be studying we’re going to be taking a look at operations management from a process perspective and in the next session we’re going to talk about process basics I’ll see you then
Conclusion
In conclusion, Professor Lisa Possum highlights the importance of operations management in driving business success and efficiency. Stay tuned for more insights in the next session.