What Is The Importance Of Production And Operation Management?
Operations Management is an important field in business which comprises all the aspects of production, efficiency and production related processes. The practices and theories involved in Production and Operations Management equally apply to service sector as well. The important part of Operations Management include forecasting, identifying bottlenecks in operations, increasing efficiency of business by using various tools such as PERT/CPM, statistical analysis such as moving averages, exponential smoothing method, Mean Absolute Deviation (MAD) etc. Material Resource Planning (MRP) is an important part of Operations Management for creating bill of materials and identifying the needs for units of production. Inventory management, time management, production plans, layout strategies are important aspects which lead to higher efficiency and cost effectiveness.
