Ma13 - W hat is Operations M anagement Operations M...

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What is Operations Management? Operations Management refers to those activities that create value by transforming inputs to outputs. This definition of operations management views production—the creation of goods and services—as a system in which inputs are fed into a transformation process, which yields outputs. There are a number of reasons why operations management is important: 1. Operations management is one of the three essential functions of an organization. Management theorists identify three essential functions of any organization. -Marketing -Production/Operations -Finance/Accounting 2. Students of operations management want to understand how goods and services are produced. Studying operations managers gives students insight into how goods and services are produced 3. Students of operations management want to understand what operations managers do. 4. Operations management is a major contributor to profitability. Operations management is an important, powerful tool because operations costs account for a large amount of most businesses’ costs.
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