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Operations management is the design and control of production and business operations.
Business operations are essential to earning value from assets owned by a business.
Generating recurring income
Increase the value of the business assets
Secure the income and the value of the business.
Assets are resources owned by a business used to make products or services of positive economic value.
Assets include cash, inventory or stocks, land, building, equipment, copyrights, trademarks, and financial assets like bonds and shares.
Business operations are the ways to make a business more valuable by increasing recurring income and improving the value of assets and products.
Profitable businesses generate more income than their expenses.
Efficient processes that reduce costs while keeping the price unchanged expand the gap between revenue and expenses to derive higher profitability.
Operation management manages the entire production or service system that converts inputs (raw materials, labor, energy) into outputs (goods and services) for consumers.
Operations produce products, manage quality, and create services.
Business management functions include operations & supply chain management, finance, marketing, and human resource management.
The operation function involves management of the strategies, product design, quality management, facilities planning, production planning, and inventory control.
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