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Operations management (OM) is the business function that plans, organizes, coordinates, and controls the resources needed

to produce a companys goods and services. Operations management is a management function. It involves managing people, equipment, technology, information, and many other resources. Operations management is the central core function of every company. This is true whether the company is large or small, provides a physical good or a service, and is for profit or not for prot. Every company has an operations management function. Actually, all the other organizational functions are there primarily to support the operations function. Without operations, there would be no goods or services to sell. Consider a retailer such as Gap that sells casual apparel. The marketing function provides promotions for the merchandise, and the nance function provides the needed capital. It is the operations function, however, that plans and coordinates all the resources needed to design, produce, and deliver the merchandise to the various retail locations. Without operations, there would be no goods or services to sell to customers. The role of operations management is to transform a companys inputs into the finished goods or services. Inputs include human resources (such as workers and man-agers), facilities and processes (such as buildings and equipment), as well as materials, technology, and information. Outputs are the goods and services a company produces.

Management by Exception is a "policy by which management devotes its time to investigating only those situations in which actual results differ significantly from planned results. The idea is that management should spend its valuable time concentrating on the more important items (such as shaping the company's future strategic course). Attention is given only to material deviations requiring investigation." [1] It is not entirely synonymous with the concept of exception management in that it describes a policy where absolute focus is on exception management, in contrast to moderate application of exception management. In Project Management, an implication of Management by Exception is that the project board should meet when key decisions about the project should be taken, and not on regular intervals. The Project Manager should produce anException Report to summon the board for such meetings[2]. This type of management can be powerful when it is necessary to process lots of data in order to make managerial decisions. The problem with this policy is that it can result in myopic behavior. This behavior implies that lower management shifts its goal from running a successful business in a real world environment, to feeding centralized auditors and managers with financial data which will be interpreted as within. In this situation, a company manager might sell off assets like equipment (vital to long run productivity) in order to manipulate accounting ratios used in

determining exception. Thus, lower management can in some cases dodge being marked as an exception, to the long term detriment of the plant they are managing. Management by exception is based on a positive attitude toward problem recognition.

Revenue is the money that comes into your business. It does not take into account expenses and cash outflow. As a result, revenue is not a good measure of sustainable success. This is especially true when the necessary cost of doing business is high. Profit is that money that your business retains after all expenses have been paid and accounts have been settled. Profitability (and not revenue) is a much more accurate measure of the potential sustainability of your business success.

There are many different types of income-net income, comprehensive income, etc... Gross income is basically revenues and gains minus expenses and losses. Net income is gross income minus taxes. Comprehensive income includes non-monetary things, such as increases/decreases in market values of assets. These things are added or subtracted from net income. Profit is directly related to products and services. For example, sales minus cost of goods sold (what the business paid)= profit. Revenue can be sales revenue, revenue collected from interest on investments, etc... It is actual money earned. Of course, it's a lot more complicated than this, but I don't know how in-depth of an answer your looking for. Just in time (JIT) is a production strategy that strives to improve a business return on investment by reducing in-process inventory and associated carrying costs. To meet JIT objectives, the process relies on signals or Kanban ( Kanban?) between different points in the process, which tell production when to make the next part. Kanban are usually 'tickets' but can be simple visual signals, such as the presence or absence of a part on a shelf. Implemented correctly, JIT focuses on continuous improvement and can improve a manufacturing organization's return on investment, quality, and efficiency. To achieve continuous improvement key areas of focus could be flow, employee involvement and quality. Quick notice that stock depletion requires personnel to order new stock is critical to the inventory reduction at the center of JIT, which saves warehouse space and costs, but JIT relies on other elements in the inventory chain: for instance, its effective application cannot be independent of other key components of a lean manufacturing system or it can "end up with the opposite of the desired result."[1] In recent years manufacturers have continued to try to hone forecasting methods such as applying a trailing 13-week average as a better predictor for JIT

planning;[2] however, some research demonstrates that basing JIT on the presumption of stability is inherently flawed