Businesses can opt to stay in current markets, move on to new domestic markets or venture out to new foreign markets. Depending upon the markets and strategic tie-ups, the enterprises then have to decide whether to continue with existing products or develop new ones. Organizations prepare strategies for long term survival and consistent growth. Operational management encompasses the contribution of all concerned stakeholders in order to achieve the objectives. Now organizations are supposed to have multiple objectives, monetary as well as non-monetary. They are supposed to have flexibility to meet changing external and internal demands. This paper is an effort to study the role of operational management, how the operational strategies keep changing as the organisation grows and how operational management strategies can addresses the speed to market of new products and services and the responsiveness to the demands of customers.
The operations system of an organisation is essentially the part that produces the organisations' products. In some organisations the product happen to be physical goods (like TV refrigerator, soft-drinks etc), while in others it is service (insurance, health care, travel, tourism, hotel etc.). ...Show more