Operations Management: Concepts and Applications

Operations management is a discipline of management which attempts to create the highest level of efficiency possible within an organization. It focuses on converting materials and labour into goods and services as efficiently as possible to maximize the profit of an organization. The main objective of operations management is to balance costs with revenue to achieve highest net profits. It utilises all sorts of resources available to a company such as staff, materials, equipment, and technology to handle various strategic issues, like determining the size of manufacturing plants and project management methods and implementing the structure of information technology networks. Operations management involves use of various inventory models such as economic order quantity model, newspaper vendor model, periodic review model, etc. to ensure minimum wastage of raw materials. Sectors covered under this field include banking, hospitals and companies. This book unfolds the innovative aspects of operations management which will be crucial for the holistic understanding of the subject matter. Some of the diverse topics covered in this book address the varied branches that fall under this category. For all those who are interested in operations management, this book can prove to be an essential guide.