Operations management (OM) is the administration of business practices to create the highest level of efficiency possible within an organization . It involves designing, controlling, and optimizing the production of goods and services to meet customer requirements while minimizing costs and maximizing profits .
Operations management teams are responsible for a wide range of activities, including inventory management, quality control, materials handling, project management, and logistics . They use various formulas and techniques to determine the optimal use of resources such as staff, materials, equipment, and technology .
In summary, operations management is a critical function that ensures businesses are efficient in using resources to meet customer requirements while maximizing profits .