Explain Addressing the Trends and Challenges in Operations Management?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Explain Addressing the Trends and Challenges in Operations Management?
Operations management is the implementation of operating processes within a company to achieve the highest degree of productivity possible. In order to optimize an organization's income, it is concerned with turning resources and energy into goods and services as effectively as possible. Teams of Operations Management seek to balance costs with revenue to produce the maximum possible net operating income.
Operation management is important because-
- Better Output
- Competitive Advantage
- Higher Profits
The Trends in operation management in near future will be
- Streamlining Organizational Communication- Communication technology in the workplace also ignores frontline employees who account for 80 percent of the global workforce. Any employee who does not work behind a desk needs a mobile communication system to remain linked to the wider business and more efficiently do their job.
The consequence of more efficient contact between head office, team members, and frontline staff is these cost savings. With less time spent in meetings, front-line managers will concentrate on leading their teams and enhancing performance while removing unnecessary tasks.
- Mobile Communication Tool-In today's uncertain world, digitally empowering the frontline workforce is the single most impactful investment you can make to maximize productivity, enhance safety, and reduce costs.
Remote staff's mobile accessibility allows them to access the information, tools, and communication they need to perform their job best regardless of their role within the organization. This is particularly important for frontline employees who do not have an email address for the organization, or whose job needs an on-the-go communication solution. Digital mobile-first enabling meets that need.
- Extreme Efficiency through Automation- Automating internal processes will save money and increase the overall productivity of your business. Many businesses are now pursuing possibilities of automation outside the production line for automotive and heavy industries such as manufacturing, construction, and the energy sector.
Increased use of automated scheduling and distribution of targeted internal advertising promotions, work schedule alerts, and organizational read-receipt functions is planned, which will further streamline the organization's daily operations.
- Upskill Front-line Staff-Operations managers should try to shorten the time it takes to ramp up with digitally available training videos, instructional manuals, and how-to documentation for a new hire date.
This kind of flexible digital enablement would also save frontline managers time by transforming time-consuming meetings and emails too fast, secure mobile messaging. With less time spent in meetings, managers will concentrate on ensuring that each member of their team performs (and produces) at a high standard.
- Improving Demand Responsiveness- Operations managers must continue to fine-tune and build supply chains that respond to demand. Consumer buying habits are becoming ever more fickle. Operations managers would have to master the art of demand forecasting to ensure inventory levels meet current demand.
Strengthening Customer Relationships- The role of an operations manager expands beyond merely serving as a cost-control agent. Operations are constantly related to global success metrics ranging from product quality, delivery time, and customer support. Operations managers must work closely with customer service teams in 2020 and better understand their end-users. Managing relationships is more important than ever to run a successful company, so it's no wonder that operations managers will find new ways to automate the process.
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