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Operations management
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<p>Operations management is concerned with designing and controlling the <a href="/facts/Production_(economics)/G5mF3WkI">production</a> of <a href="/facts/Good_(economics)/AtK6gQh2">goods</a> and <a href="/facts/Service_(economics)/B7L4tR8r">services</a>, ensuring that <a href="/facts/Business/For1e8Nh">businesses</a> are <a href="/facts/Efficiency/azCNkIzY">efficient</a> in using resources to meet <a href="/facts/Customer/oGqcqmhf">customer</a> requirements. </p><p>It is concerned with managing an entire production system that converts inputs (in the forms of <a href="/facts/Raw_material/cthCpclF">raw materials</a>, <a href="/facts/Manual_labour/6TTBBCNr">labor</a>, <a href="/facts/Consumer/dMflnQGX">consumers</a>, and <a href="/facts/Energy/wd8PrQM7">energy</a>) into outputs (in the form of goods and services for consumers). Operations management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology. Operations is one of the major functions in an <a href="/facts/Organization/CR83f1Rn">organization</a> along with <a href="/facts/Supply_chains/cApUyx1h">supply chains</a>, <a href="/facts/Marketing/LttVQ66t">marketing</a>, <a href="/facts/Finance/fLh1GgN8">finance</a> and <a href="/facts/Human_resources/vSYnWaKX">human resources</a>. The operations function requires management of both the strategic and day-to-day production of goods and services. </p><p>In managing manufacturing or service operations, several types of decisions are made including operations strategy, <a href="/facts/Product_design/Fjwu9wLq">product design</a>, <a href="/facts/Process_design/py0F44Pm">process design</a>, <a href="/facts/Quality_management/9TtKGhEz">quality management</a>, <a href="/facts/Capacity_planning/VqbuA3C3">capacity</a>, facilities planning, production planning and <a href="/facts/Inventory_control/170cokUp">inventory control</a>. Each of these requires an ability to analyze the current situation and find better solutions to improve the effectiveness and efficiency of manufacturing or service operations. </p>