key term - Operations management

Definition

Operations management involves planning, organizing, and supervising in the contexts of production, manufacturing, or the provision of services. It ensures that an organization’s operations are efficient in terms of using as little resource as needed and effective in terms of meeting customer requirements.

Related terms

Supply Chain Management:

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

Quality Control: The process by which entities review the quality of all factors involved in production, focusing on preventing defects before they happen.

Process Improvement: The proactive task of identifying, analyzing, and improving upon existing business processes within an organization for optimization and to meet new quotas or standards of quality