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It is concerned with managing an entire production system that converts inputs (in the forms of raw materials, labor, consumers, and energy) into outputs (in the form of goods and services for consumers). [2] Operations management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology.
Operations management for services. Operations management for services has the functional responsibility for producing the services of an organization and providing them directly to its customers. [1]: 6–7 It specifically deals with decisions required by operations managers for simultaneous production and consumption of an intangible product.
Chief operating officer. A chief operating officer (COO), also called chief operations officer, is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the CEO, and report directly to them, acting on their behalf in their absence.
The role of an operating partner can span the full investment cycle from due diligence to post-transaction integration through to a liquidity event or full exit event. [5] Operating partners are deployed by investors and boards as a catalyst for change, as coaches or mentors, and in some cases, to serve as "sparring partners" for management.
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed ...
Operational excellence. Operational excellence refers to the systematic implementation of principles and tools designed to enhance organizational performance and create a culture focused on continuous improvement. It enables employees at all levels to identify, deliver, and enhance the flow of value to customers.
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