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Task 7 Quality and Forecasting
Operations management can be defined as an area of management which deals with designing and controlling production processes as well as re-designing the business operations in producing goods and services. The concept of operations management applies both in the public and the private sectors as well as in governments. According to Ho et al., (2017) some of the principles of operations management include teaming up with customers, ensuring continued and rapid improvement, investing in human resource management and organizing the resources to be used. There are notable challenges associated with operations management. Some of the challenges include globalization which is the challenge associated with how people, companies and government integrate (Torlak et al.,2019). Others are sustainability where businesses fail to maintain existing practices without necessarily putting the future resources at risk. Another challenge is notable unethical conduct which has made significant negative impact on business functions. Since businesses must operate within specific ethical frameworks, any unethical acts significantly affect the overall functioning of the organization.
Benchmarking is an opportunity that organizations use to rate their ability to deliver services that reflect the industry standards. A benchmark exercise shows effective business operations that are better than what other industries provide and hence improved quality services are guaranteed. Operations management also relies on the ability to make better forecasting to achieve desired business outcomes. Some of the tools used in such forecasting include use of qualitative techniques which are subjective or judgmental in nature are defined by opinions of stakeholders (Cachon et al.,2020). The second is time series analysis which is based on past data whose trend can be used to predict the future. The final one is causal relationships often used for longer term issues. For instance, a business can use causal relationship to explore the best cite for business operations.
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