Operation Management Essay Example | Topics and Well Written Essays - 2750 words

Operation Management - Essay Example Operations management must be strategized to enable competitiveness. Such can be achieved if the entrepreneurs proficiently practice financial management, customer care satisfaction, operation risk management, innovation and creativity in business management, as well as regular monitoring or evaluation of performance using standard index of measure. Other than protecting capital and investments from foreign exchange losses, it is also essential to undertake strengthening activities to improve organizational performance and to critically understand the market trend using behavior-analysis for them to nurture change adaptability especially when foreign exchange rate in the market is reel to fluctuate. Slack et. al. pointed that performance is improved if an organization is adherent to total quality control to do what is right to maintain an effective and quality operation that is cost-efficient; do functions and roles efficiently to effectively deliver services; perform jobs timely to nurture reliance in the delivery of goods and services; and to practice flexibility in the production of goods or delivery of services based on supply and demand situation in the market. 2.2 Operations performance for efficiency and competitive advantage Learn from experiences. Tardiness doesn’t favor business. Business must be dealt with efficiency thus, it is important for the organization to maintain effective operational technology to spare procedural dysfunction or breakdown; strengthen time utilitization as against absenteeism; and optimization of quality standards of job performance to develop a culture of efficiency in the workplaces. In so doing, entrepreneurs should produce goods with quality standards in accordance to policies and scale or context of economies. The organization must also prefer highly-skilled and well-trained human resources who are willing to out-perform other competitors in the market. As such, other than their inherent capacities, workers should be measured with their actual output as against goals and of key results as against the period of time allotted for the perfection of production or delivery of service. This is very significant in supply chain management of the retail industry. 2.3 Suppl y chain management in retailing Supply chain management (SCM) refers to the mechanism adopted by retailers in the performance of their business operation which specifically deal with the transport of goods and services from its production or site to its consumers (Kavcic, 2006). Retailing is the significant last step in this system where entrepreneurs match goods with consumers needs within the context of supply and demand relocations. SCM enhances organization’s performance to enable the integration and interaction of internal and external relations between suppliers, retailers, customers, or buyers.