Operations management is the management of processes that transform. inputs into goods and services that add value for the customer.
The goal of. operations management is to maximise efficiency while producing goods and. services that effectively fulfill customer needs.
The constituents of the 5P model are: .
1) Plan, .
2) Process, .
3) People, .
4) Possessions, and .
5) Profits.
What are the 4Vs of Operations Management? The 4Vs – the 4 dimensions of operations are: Volume, Variety, Variation and Visibility.
They can be used to assess all different types of business operations and understand how any why they operate, their key competitive strengths, weaknesses and different approaches.