Role of Operations Management Operations management is the design operations and improvement of systems that create and deliver a companyâ€™s products and services. In other words, â€œis the process of taking input such as raw material and component and turning it in to out put by adding valuesâ€ (Shaikh, 2010). Any activity that relates to the management of the entire business process that produces goods and services falls into the operations category. Competition among todayâ€™s organizations has become immense and is getting tougher and tougher day by day since more new companies are starting businesses in the same industry.Whether they are from the manufacturing sector or service sector, the need for cutting the unnecessary costs, achieving maximum efficiency, and implementing operations management strategies is increasing with the passage of time. Therefore, more focus is being laid on Supply Chain Management these days by the businesses in order to set up certain operations approaches, distribution systems, and capacity layouts that not only reduce redundant costs but also provide better quality goods and services to the customers.This paper will discuss two operations approaches for each of these sectors manufacturing and service and would relate those approaches to quality control and efficiency that can be achieved by the businesses. Operational Approaches for Manufacturing Organization There is no wonder to know that the manufacturing organizations deal with the inventory much more as compared to the service organization. The inventory includes raw materials, complementary parts, actual or finished products, and other packing materials therefore, the two most used operational approaches for by these organizations are Lean manufacturing approach and Outsourcing.Lean manufacturing is the approach that identifies and minimizes waste by adopting continuous improvement to satisfy the customerâ€™s demands. It ensures maximum quality by examining each part of the good after its production to identify the flaws that might be there (Blacharski, 2010). Second approach is outsourcing where the organizations that are not efficient enough in producing a certain product or material, assigns that production task to some other company, entity, business, or vendor that actually possesses the skills, mastery, technology, and resources to produce and deliver it.Operational Approaches for Service Organizations Just-in-time approach and the Balance between Degree of labor and degree of customization are the two operational approaches that are often used by the service organizations. Just-in-time or JIT system is designed and implemented in order to produce or deliver services just as they are needed. In this approach the raw material or inventory (potatoes or chicken) is delivered to the service department or facility such as, Mc Donaldâ€™s restaurant just at the time when it is needed.And secondly service organizations often try to maintain the balance between the degree of labor employed for the provision of services and the degree of customization based on the needs and wants of the customers. Advantages and Disadvantages The advantages of Lean manufacturing include reduced set up times, less lead times, lower expenditure of materials, simplification of materials for easy identification, reducing wastes, standardizing operating procedures, sustaining better environment and results, good maintenance, and safe practices (Heizer & Render, 2010).Disadvantages can be excess time spent on cleaning and identification purposes, also with the use of resources and money. Advantages of outsourcing include reduction in inventory costs, reciprocity, preserve supplier commitment, better production results, and offsetting the lower technical expertise and capacity the company has. Disadvantages include increase in expenditure, high production costs, and the company might not obtain desired quality or core competence. Advantages of JIT include reduction in inventory costs, storage costs, handling costs, cutting costs of quality, and improving quality.There is one major disadvantage that can be the stoppage of production or delivery of services if inventory is not delivered at the right time. The degree of labor and customization provides better customer satisfaction, customer loyalty, increased ordered and sales, less wage costs, and service variety. Disadvantages might be the increased costs in setting up new technology or method for providing unique or customized service for different customers, their maintenance costs, technology costs, and increased layoffs.In conclusion, I think this will improve my approach as in one day starting my own business to understand how operations management can be beneficial to a wide variety of organizations, both big and small. Operations management plays a vital role in the daily functions of an organization whether the company has identified this or not. Every process that a company employs to meet its strategic goals is a result of operations management.Operations management aids a company in becoming well-organized, operating more efficiently and productively, staying competitive and improving customer relations. Nationwide Business Interview I expect to learn what is fundamental to achieving and more importantly sustaining a career and business success, particularly within a competitive sales and marketing environment. The most challenging task is to motivate and manage employees to get on the same page and get something planned and completed on time and within a budget.The most critical skill you need as a manager is to understand and manage through tough current economic conditions, such as planning and executing, cost-control, developing and motivating employees and communicating and managing change. To have great communication skills for sales, negotiaton and networking also leadership skills is essential in order to reach your goals. . A big part of surviving in business is about solving problems fast and effectively. An manager needs good problem solving skills.The important trend I have experienced is and crucial is customer experiences scanning our consumer trends, you will be able to understand where your industry may be headed, or even better, shape its direction yourself, by introducing new products and services that catch the competition off guard. The steps I take to organize my task for today is to first make a list of all tasks that you have to do. At the start of the day I select my most important items and start working on them. If a new task comes up during the day, I keep working on the current task unless the new task is more important.When deciding which tasks take priority when completing a project is deciding what needs to be completed first and it depends what is critical to meet deadline. To be effective in a business crisis your communication plan must be and easy to reference document that contains decisions, action, resources and contacts you and your team will need to represent your organization in the high pressure of a crisis. Employees should always keep in mind the interests of the organization and realize the company standards are more important than the customerâ€™s nterests to bend the rules.Bibliography 1. Blacharski. D. (2010). What is Lean Manufacturing. Retrieved on November 13, 2010. From http://www. wisegeek. com/what-is-lean-manufacturing. htm 2. Heizer. J & Render. B. (2010). Operations Management. Eighth edition. Pearson Education, Inc. Prentice Hall. Dorling Kindersley India Pvt. Ltd. 3. Shaikh. S (2010). Operational Approaches. Retrieved on November 8, 2010. From http://safeshaikh. com/business/supply-chain-management/operational-approaches/ Role of Operations Management This paper describes operations management and how it is applied in the banking field. Operations management is fundamental for any business seeking a competitive advantage in productivity. The role of operations management is to efficiently and effectively produce quality goods and services to create wealth. Bank operations management is the foundation of banking. Processing daily transactions, controlling and managing trades and sales and supporting front and back officers is part of the many functions of operations management. According to Chase, Jacobs, and Aquilano, 2006, operations management is defined as the design, operation, and improvement of the systems that create and deliver the firmâ€™s primary products and services (p. 9). Bank operations are behind the scenes and commonly referred to back office operations because it does not handle front office sales. However a bank cannot move forward without operations management. Thus operations strategy is vital to banking to function at its optimal level. By definition â€œoperations strategy is concerned with setting broad policies and plans for using the resources of a firm to best support its long-term competitive strategyâ€ (Chase, Jacobs, & Aquilano, 2006, p. 24). Typically a strategy breaks down into three major components: operations effectiveness, customer management, and product innovation. It is important that a firmâ€™s strategy aligns with its mission of serving the customer. JPMorgan Chase, the bank with which I am familiar, strategizes into three major components: operations effectiveness, customer management, and product innovation. A strategy must always align with a firmâ€™s mission statement to make sure goals are attained by focusing on customer service. In the banking business some of the many competitive dimensions are the following: cost or price of service or product, quality, and speed. JPMorgan Chase bank is a recognized national bank that integrates competitive dimensions in business strategy. Some of the services offered are free checking accounts with fee waiver requirements. Read also Exam Operations Management The starting fees are $12 a month for some checking accounts but there are fee waivers that some customers qualify for to waive the monthly fees. One common fee waiver is a recurring direct deposit totaling $500 or more each month. Price is an important factor for some customers but quality is an even greater concern for others. Because Chase bank offers high technology banking through Quick Pay and Quick Deposit at no cost to all customers, a monthly service fee for a checking account may be less important for customers seeking convenience and quality products. The next dimension Chase focuses on is speed and delivery of online payments. Chase is dedicated to providing the best customer experience in all areas of banking, including online and mobile banking. Chase bank is mainly focused on customer service, which is the reason for business growth. There are three dimensions of value by which businesses differentiate themselves in the marketplace, according to Chase, Jacobs, & Aquilano, 2006. The three ways are through: product leadership, customer intimacy, and operational excellence. Chase strives to keep a proportionate balance of all values to maintain the good reputation and strong name. All the competitive dimensions mentioned above are controlled and managed by back office operations. Therefore operations management is the cohesiveness of the banking business as a whole. It interconnects all functions of banking to maximize productivity in the most effective and efficient manner, creating wealth. Without back office operations support, JPMorgan Chase bank would not have the ability to excel in the banking business.
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