Introduction Operations management comprises of managing all business activities that facilitate input to output cycle. The term operations management was initially confined to production or manufacturing departments. However, the system has evolved through the years and is now used comprehensively to denote the management of day to day business activities of all units that finally channel towards the final product or services. Operations management aims at ensuring that the production process and overall operations across the business functions as efficient as possible. One of the main roles of operations management is to ensure the expenditure and costs of a company ... Read More

Introduction Business operations and its management is an inevitable part of all organizations irrespective of the sector. It comprises of all the activities that are involved in the procurement of inputs to the final delivery of goods or services. Numerous business processes and operations are engaged throughout the business cycle. Only effective management of these business operations help the company to deliver quality products or services with reduced cost and wastages. In other words, proper operations management helps to increase efficiency of a business. It comprises of all the steps and sub units that help channel the inputs to finished ... Read More

Introduction Operations management has a vital role in coordinating and managing functional units, business process and rules across departments. It acts as the main thread that connects every activity within a business towards achieving the final outcome. Operations management involves administering and monitoring business activities to ensure that they are functioning with maximum efficiency. An organization attains optimal performance only with the effective utilization of man, machine and resources involved. Operations management ensures this process balancing the costs incurred and inputs needed with the output obtained. It continuously strives to keep the profits high by reducing costs and increasing revenue. ... Read More

Introduction Business Process Reengineering is a management strategy that initiates a complete process and structural change leading to a drastic rise in business outcome. It is all inclusive of process redesign, change management and comprehensive transformation of business operations Structural transformation to changes in fundamental objectives and vision of the company might also be subject to change. Careful and meticulous examination of critical data from every functional unit and from the organization as a whole is crucial to ensure successful implementation of BPR avoiding pitfalls. The aim of BPR efforts should ideally lead to lower costs, reduced time cycles, high ... Read More

Introduction Business Process Reengineering as defined by Michael Hammer focuses on making a radical change on the process system as a whole to facilitate dramatic business outcomes. The traditional concept of automation or merely upgrading processes particularly with bulk investments in mechanization was not competent enough to deliver expected results. Incorporating technology without changing the existing structure and process of operations resulted only in speeding up operations. It failed to make an impact on business goals. A substantial boost in revenue can be reaped only by identifying and addressing the fundamental defects of process and underlying systems of the entire ... Read More

Introduction Innovation in Operations management refers to operational innovation. It is the practice of evaluating and developing new techniques to improve the existing business process. This approach of operational innovation is not restricted to a specific department or functional unit. It runs across the entire organization at all levels to review and revise all process and ongoing systems for advancement. It is used in conjunction with enhancing customer service, launching a new product or service or to intensify marketing strategies. Operational innovation puts new processes in place and does not limit its scope to routine performance improvement practices. It is ... Read More

Introduction Forecasting in operations management is the systematic technique used to predict future outcomes based on historical data. Business forecasts are a necessity for productively planning the operations of a company. Forecasting the required raw materials, workforce capacity, and energy requirement along with other requisites are essential for the smooth functioning of operations management. Various methods and techniques and different types of forecasting are put to use in organizations based on their requirement and resultant outcomes. An elucidation of the variety of forecasts used in operations management and its implementation is brought out here. Forecasting Models in Operations Management Forecasting ... Read More

Introduction Forecasting the technique by which past and present data is analysed to plan for future. There are various types and ways of carrying out business forecasts depending on the objectives and desired outcome. It can be done to arrive at a general business forecast or can be applied to forecast specifically to predict departmental outcomes. It can vary from forecasting sales for a consecutive month to predicting the rate of demand during festive seasons. Companies use a wide range of techniques and methods to for business forecasting. It can be predictions related to sales, expenses incurred, revenue or profits. ... Read More

Introduction The term ‘ethics refers to moral philosophy that emphasizes on the aspects of values and distinguishes between the better and worse. It is all about the rules of human behavior and the foundations of moral principles of life. The conceptual meaning of ethics revolves around three main divisions that include descriptive morality, ethical theory, and applied ethics. When the first division deals with the cultural background the second one focuses on moral concepts and principles. The third division of applied ethics deals with the ethical issues in our society. This applied ethics is related to the business arena where ... Read More

Introduction Business Process Reengineering (BPR) is a management tool to radically redesign the existing operational process and structure as a whole in order to obtain a substantial increase in business outcome. Role of BPR mainly focuses on analysing the intra and inter-organizational work flows, eliminate tasks that do not enhance performance or customer value and optimize the entire business process. Information technology is an integral part that caters to automation and networking linked processes that boost BPR initiatives. The result or effect of a BPR implementation would ideally result in trimming inefficient or replicated processes, bringing down costs and revamping ... Read More