The Development of Operation Management Essay

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Operation Management
Operations management refers to the management of all activities directly involved in the creation of goods/services through the conversion of inputs into output. It consists of the following process capacity planning, forecasting, inventory management, buying and maintaining material, quality assurance, motivation of employees, scheduling, and making decision on where to allocate facilities. The four functions of management include operations, marketing and finance.
Finance
The finance function accomplishesall the activities relating to acquiring resources at favorable prices and allocation of resources within the organization. Personnel involved in f the management of finance and operations cooperate by exchanging information and expertise in activities such as economic analysis of investment proposal, and provision of funds. Provision of funds refers to the funding of operations. The amount of funds for each operation and the timing of funding is influenced by the quantity of funds available within an organization, and are specifically considered when the funds are limited. Careful funding is needed to avoid the problems associated with cash-flow. Majority of the profit oriented firms obtain from the revenues they generate from selling goods and services.Economic analysis of investment proposals involves evaluating alternative investments that requires inputs from both operations and finance personnel(Heizer, 2011).
Marketing
Marketing refers to the…

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