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Functions of Operations Management

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Functions of Operations Management   Operations management involves the management of human,technology and system resources.The operations management functions,like in other management disciplines, include planning,directing,organizing,staffing,motivating and controlling to achieve the set organizational goals. In addition to the above management functions operation managers perform many other activities as given below. Facility location and lay out design-The facility location activity involves the decision of the location for the facility,manufacturing unit or service outfit,geographically.The layout design determines how the internal facilities (departments,equipments,service stations,workstations etc ) will be arranged. Job design and work measurement-The job design activity involves the structuring of work tasks assigned to an employee and the study of the tasks that make up the job.The work measurement activity involves the timing of the tasks that comprise a job.The j...
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Commercial Bank

What Does  Commercial Bank  Mean? A financial institution that provides services such as a accepting deposits and giving business loans. Commercial banking activites are different than those of investment banking, which include underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients Privately owned  financial institution  which (1)  accepts demand  and  time deposits , (2)  makes   loans  to  individuals and  organizations , and (3)  provides   services  such as documentary collections ,  international   banking ,  trade financing . Since a large proportion of a commercial bank's deposits  is  payable on demand , it prefers to make  short-term  loans instead of the  long-term  ones (which are handled by organ...
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Strategy is wasted without "operational effectiveness"

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Strategy is wasted without "operational effectiveness" According to Michael E. Porter, Harvard Business School Professor and world-renowned expert on strategy, success requires both the right strategy and "operational effectiveness". "Managers must clearly distinguish operational effectiveness from strategy. Both are essential, but the two agendas are different. The operational agenda involves continual improvement everywhere there are no trade-offs. Failure to do this creates vulnerability even for companies with a good strategy. The operational agenda is the proper place for constant change, flexibility, and relentless efforts to achieve best practice. In contrast, the strategic agenda is the right place for defining a unique position, making clear trade-offs, and tightening fit." [1] , says Porter. Porter is the first management guru to clearly label the domain of organisational activity that directly complements strategy. By coining the term "op...
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