operations 1
It refers to the management of functions that a business needs to run effectively day-to- day, including
OPERATIONS MANAGEMENT
management functions
Overseeing multiple departments and providing goals
Overseeing and streamlining processes
Balancing revenue and costs
Developing strategic plans
Production, logistics, and supply chain
are the foundation of how a business works (in terms of supply chain and logistics) and profits rely on lean, efficient operations.
operations
can threaten a business’s survival, so processes must be optimized, the right staff need to be employed, and physical locations must be strategic, ethical, and safe.
Poor business operations
FIVE MANAGEMENT FUNCTIONS
PLANNING, ORGANIZING, STAFFING, LEADING and CONTROLLING.
A plan is a future course of actions. It is an exercise in problem solving & decision making.
PLANNING
It is the process of bringing together physical, financial and human resources and developing productive relationships amongst them for achievement of organizational goals.
ORGANIZING
Organizing as a process involves
Identification of activities.
Classification of grouping of activities.
Assignment of duties.
Delegation of authority and creation of responsibility.
Coordinating authority and responsibility relationships.
to put the right man/woman on the right job i.e. square pegs in square holes and round pegs in round holes.
STAFFING
Staffing involves:
Manpower Planning
Training & Development.
Remuneration.
Performance Appraisal.
Promotions & Transfer.
Direction has following elements:
Supervision
motivation
leadership
communication
is that inter-personnel aspect of management which deals directly with influencing,guiding, supervising, motivating sub-ordinate for the achievement of organizational goals.
DIRECTING
means inspiring, stimulating or encouraging the sub-ordinates with zeal to work. Positive, negative,monetary, non-monetary incentives may be used for this purpose
Motivation
implies overseeing the work of subordinates by their superiors. It is the act of watching & directing work & workers.
Supervision
is the process of passing information, experience, opinion etc from one person to another. It is a bridge of understanding.
Communications
may be defined as a process by which manager guides and influences the work of subordinates in desired direction.
Leadership
implies measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational goals.
CONTROLLING
Controlling has following steps
Establishment of standard performance.
Measurement of actual performance.
Comparison of actual performance with the standards and Finding out deviation if any.
Corrective action