Operations Management (OM) is the functional area of business primarily devoted to the creation, planning, and management of the resource capabilities used by a firm to create products or services.
The resource capabilities are comprised of the work force (e.g., skills), technology (e.g., manufacturing equipment and information-based technology), and processes (e.g., supply chain, inventory-distribution system, quality control system, material flow system, production planning methods, monitoring system, etc.) all of which typically represent a significant portion of a firm's total costs and controllable assets.
Since resource capabilities determine the types of products and services a firm can offer to the marketplace as well as the associated cost (price), quality attributes, and lead-times necessary to meet demand, the operations function is a critical driver of competitive advantage. Moreover, recent forces such as technology change and increased competition in cost, time and quality have elevated the extent of distinctive competence that can be obtained from the effective management of the operations function.
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Current Areas of Research
- Acquisition and implementation of new technology
- Behavioral operations
- Closed-loop supply chain management
- Collaboration and teamwork in innovation
- Global operations and supply chain management
- Knowledge creation, transfer, and management
- Managing information and operational risk in supply chains
- Measuring the financial impact of operations strategies
- Multi-criteria production scheduling
- New product and process development
- Revenue management
- Service operations
- Sustainability and environmental policy