Operations Management

One rather peculiar experience for me at the Lagos Business School was when we were taught operations management. Operations management (OM) is the practice of overseeing business processes to maximize effectiveness within an organization. The goal of an organization is to maximize profit by effectively turning inputs like raw materials and labor into useful goods and services. Operations management teams work to balance expenses and revenues in order to generate the most fantastic net operational profit possible. I’ve had several assumptions about operations management before my journey in the Lagos Business School.

One assumption was that I thought operation management was more about calculations and numbers. I thought the very bulk of the topic was based on arithmetic calculations and digits. Calculations that include many formulas, such as the economic order quantity formula, which may be used to calculate how much inventory should be kept on hand as well as when and how big of an order to process for incoming inventory. To my surprise, when we treated operations management in the class, I was taught that even beyond the extensive calculations in operation management, there were also important theoretical aspects.

We learned that utilizing personnel, supplies, equipment, and technology as resources is part of operations management. Based on customer needs and the capabilities of the business, operations managers create, produce, and deliver products to clients. In essence, operations management deals with a range of strategic concerns, such as choosing the size of industrial facilities, using project management techniques, and putting information technology systems in place. Other operational concerns include the management of inventory levels, including work-in-process levels, the procurement of raw materials, quality control, material handling, and maintenance procedures.

Operations management involves analyzing how raw materials are used and ensuring there is little waste. To my awe, I even learned that the theoretical aspects are crucial in running the day-to-day activities of businesses, and operations managers must have a variety of skill sets as part of their everyday duties, including technical proficiency in fields like process automation, record-keeping, budget tracking, and planning.

Certain skills also, like maintaining project files, personnel reports, budgets, timetables, and other details linked to business processes, require organization skills and attention to detail. Strong leadership abilities that have the capacity to inspire ideas, motivate people, and build cohesive teams. The ability for analysis, particularly expertise in risk assessment and reduction when starting new projects. Operations managers must also examine processes to spot problems and provide fixes in case adverse circumstances arise. ability to make decisions under pressure when there is not enough time to consider all the information.

In summary, one of my many lessons here at the Lagos Business School is that operations management is not just some advanced calculus subject like I thought it to be. It indeed has a theory part that is important in running the day-to-day activities of a business. Simply put, it is the process of implementing corporate strategies intended to maximize efficiency in order to maximize profits.