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,