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Published by: harjinder pal singh on Apr 21, 2009
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09/16/2010

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Operations management
Defined 
 
Operations management (OM) is defined as the design, operation,and improvement of the systems
 
that create and deliver the firm’sprimary products and services
EngineeringDepartmentFinanceDepartmentHumanResourceDepartmentManagementInformationSystemDepartmentRawMaterialsStoresMaterialsManagementDivisionResearch&DevelopmentPlantEngineeringDepartmentMarketingdepartmentCustomer InTarget MarketVendor/SuppliersProductionDepartment(shop floor)QualityAssuranceDepartmentCustomer SupportDepartmentSalesDepartmentFactoryManagement&Liasionin
A Bird view of Production System
 
IntroductionOperations Management provides timely, essential information
for operations professionalsat all types of financial firms. Each monthly issue breaks news on operations strategies at broker-dealers and investment advisers, regulatory affairs, new products and the people who move theindustry.The broker-dealer and investment adviser search charts provide, at a glance, the latestinformation on securities firms' searches for new operations vendors.
Reading Operations Management will keep you abreast on the latest operations news
,such as developments in straight through processing, the latest technology the competition isimplementingh and new custodial relationships.Operations Management is a monthly newsletter that offers focused, in-depth articles andcoverage on the mutual funds, compliance and prime brokerage industries and also gives insightinto hedge fund operations and over-the-counter derivatives
BRIEF HISTORY OF OPERATION MANAGEMENT 
At the turn of the 20th century, the economic structure in most of the developed countriesof today was fast changing from a feudalistic economy to that of an industrial or capitalistic economy. The nature of the industrial workers was changing and methods of exercising control over the workers, to get the desired output, had also to be changed.This changed economic climate produced the new techniques and concepts.Individual Efficiency:Fredric W Taylor studied the simple output to time relationship for manual labor such as brick-laying. This formed the precursor of the present day ‘time study’. Around the sametime, Frank Gilberth and his leaned wife Lillian Gilberth examined the motions of thelimbs of the workers (such as the hands, legs, eyes etc) in performing the jobs and tried tostandardize these motions into certain categories and utilize the classification to arrive atstandards for time required to perform a given job. This was the precursor to the presentday ‘motion study’. Although to this day Gilberth’s classification of movements is usedextensively, there have been various modifications and newer classifications.Collective Efficiency:So far focus was on controlling the work output of the manual laborer or the machineoperator. The primary objective of production management was that of efficiency – efficiency of the individual operator. The aspects of collective efficiency came into beinglater, expressed through the efforts of scientists such as Gantt who shifted the attention toscheduling of the operations. Even now, we use the Gantt charts in operations scheduling.The considerations of efficiency in the use of materials followed later. It was almost1930, before a basic inventory model was presented by F W Harris.Quality:After the progress of applications of scientific principles to the manufacturing aspects,
 
thought progressed to control over the quality of the finished material itself. Till then, thefocus was on the quantitative aspects; later on it shifted to the quality aspects. Qualitywhich is an important customer service objective came to be recognized for scientificanalysis. The analysis of productive system, therefore, now also included theeffectiveness criterion in addition to efficiency. In 1931, Walter Shewart came up withtheory regarding Control Charts for quality or what is known as ‘process control’. Thesecharts suggested a simple graphical methodology to monitor the quality characteristics of the output and how to control it. In 1935, H F Dodge and HG Romig came up withapplication of statistical principles to the acceptance and/or rejection of the consignmentssupplied by the suppliers to exercise control over the quality. This field, which hasdeveloped over the years is now known as; acceptance sampling.Effectiveness as a Function of Internal Climate:In addition to effectiveness for the customer, the concept of effectiveness as a function of internal climate dawned on management scientists through the Hawthorne experimentswhich actually had the purpose of increasing the efficiency of the individual worker.These experiments showed that worker efficiency went up when the intensity of illumination was gradually increased, and even when it was gradually decreased, theworker efficiency still kept rising. This puzzle could be explained only through the angleof human psychology; the very fact that somebody cared, mattered much to the workerswho gave increased output. Till now, it was Taylor’s theory of elementalisation of task and thus the specialization in one task which found much use in Henry Ford’s AssemblyLine.Advent of Operations Research Techniques:The birth of Operations Research (OR) during the World War II period saw a big boost inthe application of scientific techniques in management. During this war, the Allied Forcetook the help of statisticians, scientists, engineers etc to analyze and answers questionssuch as: What is the optimum way of mining the harbors of the areas occupied by theJapanese? What should be the optimum size of the fleet of the supply ships, taking intoaccount the costs of loss due to enemy attack and the costs of employing the defensefleet? Such studies about the military operations was termed as OR. After World War II,this field was further investigated and developed by academic institutions. Varioustechniques such as linear programming game theory, queuing theory and the likedeveloped by people such as George Dantzig A Charnes and W.W Cooper have becomeindispensable tools for management decision making today. – 
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