Operation Management And Its Importance In Finance And Oil & Gas Industry

Overview of the Research

Questions:

1. Describe about Understand the nature and Importance of operational management?

2. Develop the documents with explanation to assess the operations for operation management?  

A body which will help in strengthening the position relating to finance along with providing benefits in the abundant supply leading to the demand for oil and gas product. Talking about the part of researching, (Brown et al., 2013) we see that there is generally a wave where recession coincides and the people have to start all over again. In the early 1990’s, we can see an overview, where people had to be affected with the industrial as well the shocks from the technical background. A better bond with the company along with availability of better financial risk, there is an abrupt increase in the layout of the leverages. There are some companies which focus on performing better divisions along with emerging better justified acquisitions. There is an appreciable (Feng et al., 2013) increase in the volume as per the border along with evolving better approach towards the quick and the less means which are expensive.

The operation management system generally supports the main function of marketing and communicating for the better of the product as per the creation and the operations which are fulfilling the main supportive function for accounting and the human resources. There are some materials which are able to shape the services and the products according to the support that has been given from the service providers. (Carroll & Buchholtz, 2014). There is a network to maintain all the supplies leading to an individual operation of the network, trying to operate all the processes which are relevant to supporting the main functions and activities. The changes in the demand and supply mainly vary as per the operation of the cost of the labour which are able to effectively manage the cost of the transportation along with the skills of the labour. The operation management is able to scale all the breaks and lead to a fixation in the cost to invest in the facilities which will bear the economy rise, thereby, running a status of managing the scale which describes the cost to run the operations at its larger. The capacity to lead and plan the strategy is according to the break-even analysis, having a clarity to flow with safety and management. The cost of balancing the line of (Gino & Pisano, 2014) production will have an investment to make a product, defining the layout to process the stages leading to out-performance which will relatively support the process, handling the materials efficient for the high flexibility and robustness with less monotonous work.

As per the detailed fact, one has generally focused more on the following points which reflect the importance of the management system. Some of them are:

  • There is a reduction in (Feng et al., 2014) the cost as well as increment in the revenue structure which is able to manage the responsibilities of the organisation.
  • The investments have to be managed and so they need a proper guidance and equipment to be held under for better productivity with increment in the needs of the customer.
  • The basis for innovation provide basis on the profitability factor leading to improvement in the management of proper designing and planning.
  • The operations lead to the improvement in the way with improved flexibility and meeting the needs of the customer (Sodhi & tang, 2014) as per the services which are being provided.
  • Strategies which are important to control and design the production of the organisational management structure mainly comes from the purpose which is efficient in securing a better and trained location for the safety of the employees. (Malhotra et al., 2014).
  • To maintain the technology process inheriting the material and the information to process the convenience according to the information which is able to provide the great combinations as per the people and the material. The operations have to be maintained which will be controlled under the machines to reach the activities controlled under the human interferences. There is an empowerment of multi-skills to evaluate the time in which the work can be over according to the authority and the empowerment. The job to increase the motivation, will certainly lead to flexibility in time and approach to enhance the management along with (McFerlane, 2014) telecommuting within the hours of working and after that too. This will help in being committed to the work and updated of all the incidences that are taking place.

The Toyota operation management organisation tries to make and break all the business rules which are able to implement and support the neutrality for supporting the strategy, leading to avoidance of mistakes along with a better quality of operation. There is a need to manage the time along with speed with (Dixon et al., 2014) which the dependability factor varies. The flexibility to reach the higher cost levels can be efficient to extend (Walker et al., 2014) the quality and reducing the inventories which will save time and money. The productivity factor mainly affects the operation leading from the single to multi-factoring production. The network to supply the needs are according to the services which maintain a better relationship to provide information which pass through all the customers, which are competitive in the market, focusing on the issues related to the long-time links. The outsourcing of the work will contract to the extent how the designs are proficient in efficiently managing the customers, competitors, and manage all the operations which will (Hoejmose et al., 2014) separate the complementary to manage the decisions whether it is liable to buy or not.

Supportive Function for Accounting and Human Resources

The top-down strategy for managing the operational decisions mainly variant according to the corporate, business and the functional strategies which are in relation to the customers as well as functions to find a corporation set-up to manage the strategy. There is a complete operational analysis which would receive a bottom-up structure leading to what are emergent requirements to set up competitive functions. The Toyota organisation will maintain the main competition which focus on the factors of winning the orders for productions and delivery according to the qualifications.  (Jeston & Nelis, 2014). The resources are based on the reviews which are to compete with the purpose, point of entry, process, project management as well as the participation of an organisational employees to balance the cost effectively for business trading purposes.

To lead a better organisational set-up, Toyota has to set-up its business Auditing criteria which will plan the corporation policy and the plans to outperforms the performance, leading to the outlet for reaching higher expectations of the customers who will target the departmental business, involving a criteria to achieve and answer the strategic development performance. Some of the effective approaches are:

  • There is an economical uplift which is acquiring the services according to the pricing fares. The quality has (Gerth, 2014) to be maintained as it is effective in evaluating the money which will save it from all the problems. The lowest possible prices are variant to save the economy from downgrading.
  • The efficiency of the task is to process all the activities which will be wasted or eliminated differently according to the process which would lead to a different approach, leading to a smarter way of living. (Snehota, 2014).
  • The effectiveness to reach the expectations of the customers are met according to the consistent positioning which will be able to position and meet the needs according to the process of investigation and organisational set-up. The managers have the right to effectively improve the developing quality.

The organisation is designed in such a way which is able to manage the cost of raw materials and the labours would be well-equipped to bring in the best use of technology to lead to advancement in the research field. The transformation (Berenguer et al., 2014) is to design and manufacture the quality according to the best output which will give a better feedback from the people, after its usage. The effectiveness in balancing the time and the money, generally leads to the investments according to the customer choice assuring that the work has been proficiently done and the delivery is as per the services and the financial agreements are completely set—up by the Toyota company. The competition to rise the brand of the product mainly comes when the delivery and the demand of the goods is very much with a higher profitable cost. There is a need to set an impressive asset which will output all the amount depending upon the productivity, rising to (Hernández et al., 2014) an approach leading to an increase in the organisational productivity. The change in the organisation improve communication, which will motivate the labours to perform a better task to increase the strategic level of large scale organisations. The productivity will surely have flexibility and rise in the cost of competition, wherein, countries are more viable to outsource products which is right to find the smarter way to product the products efficiently. (Ellram & Cooper, 2014). The quality design is managed according to the standardised approach, modularising the product which will be able to incorporate the services as per the functional deployment of the quality. The technique to rise towards the better evaluation and characteristics generally depend on the engineering which is to examine whether the product is more virtual, providing the approach, interacting the designs for concurrency in overlapping the design process.

Factors affecting Operation Management

Cost– the organisation to achieve the higher competition on the scale which will present a better outlook to reach to the guiding principle which will own a better and higher scale of quality, leading to an immediate production (Kavadias, 2014) and tailored products. The technology has been rising daily and it is the organisation which has to bring the best profit out of the cost which has been spent to maintain the quality of management.

Dependability– This feature is attained by attaining a designed product which will have an integral approach to leading better services with the better products and services. The people depend on the products which are easily available and their quality is easy to be evaluated too. The ideas are managed, (Zhu et al., 2013) thereby, trying to build strong relations which would have a better link in management system.

Flexibility– The design can reduce the cost with an understanding that the services will provide a better defined approach to the package of the components, leading to supportive services. The layout of the process is systematic to arrange all the stages of production which will involve the work to staff and categorise the (Heizer et al., 2014) products which are important for a stage of production which will have communication to an improved level. The components are important to be managed, requiring a higher impulse rates for the products in locations to raise the checkouts the power to reach the intervals, designing the marginal products for flexible management.

Quality– The packaging system leads to the product development with the benefits that will have better creation to be delivered to the nature. The idea to compete and research in a better development environment, mainly comes from screening the staff and the competitor products and all services which are maintained at risk. (Soltani et al., 2014). The operation to manage all the products needs to specify that the component has to be standardised to accommodate the degree of the products. The modularised components vary differentially according to the structure of the components.

Speed– The organisation has been said to respond to the activities and changes which are important to identify the better acts. (Feng et al., 2014). There is a need to reduce all the problems which will have to maintain the structures according to the managers who will promote a sense of productivity efficiently and developing a faster transformation.

In order to access the operations of the furniture, there is a need to give a balance working time for the allocation of all the activities which would help in quantifying and bringing an equalisation to approach to produce the (Smith et al., 2014) units conveniently and properly as per the production of the flow. The operations are carried and the information is being flowed through the internet supply which has a create impact on the business and management system. There are certain experts who are always (Longenecker et al., 2014) commercialising their product worldwide to give a rise to their technology as per the evaluation and the dependability on job designing. There are certain environmental conditions which are met and needed to be allocated for the furniture set-up to grow stronger and in a proper manner.

Corporate and Business Strategies

The furniture cost in the management mainly depends on the activities of the designing the material used for solving all the problems with a complete furnishing. The factors generally has a design to finish all the tolerances to consider (Škrinjar & Trkman, 2013) that the cost is mainly to design all the manufacturing design which are able to compete in the technicalities.

The cost of evaluation to establish a distributing cost which will have the techniques of the direct method as well as ABC (Activity-Based) Costing which could be able to design the sales maintaining the relationship in the cost and the producers which will have an addition of the value under the managers who have to strictly produce the goods, absorbing the definition which would translate depending upon how the costs are generated and the activities are held. There is a need to manage the (Akgun et al., 2014) transportation which will absorb the cost, broken out for materials which are direct, leading to labour approach. The planning is according to the way attaining the cost towards the development of a proper goods, leading to an approach of maintaining the furniture properly.

The specification to manage the cost and quality depends on showing how the range of the products will report to collect and prepare the financial information which would have a good construction of furniture. The control in the quality will have a bad effect on the image of the organisation and it should be handled properly so that people can properly bring a change in their production cost and the suppliers and demands of the same are more.

Depending upon the layout of the resources, there are fixed position which allows transformation and providing an effective approach which could have an impact to lead to a contribution which will have differential functional layouts according to the complexity and the chart which is given below.  (Pullman, 2013)The furniture has to provide different heuristics and craft the cells to cluster all the production glow. The resources are allocated according to the content which will be balancing the work with line and time.

There is a need to plan all the management of the products according to the resources which are available and are efficient to drive the objects with the activity, having a beneficiary effect on the overall layout of the product. (Hornyak et al., 2014). The company or any furniture organisation has to find whether they are finding something better which would help the people in maintaining the cost or not. As per the value added services, there is a need of the resources which will be able to balance the cost of all the manufacturing according to the products available with a better usage of resources and its better quality. The plan of the company is to mainly design all the products to critically manage the schemes according to the requirement of the client which have repeatability in volume, standardisation in variety. The variation and the visibility of the process depends (Kavadias, 2014) on the operation which is according to the performance and the responsibilities which are upon to improve the revenue system.

Effective Approaches

The decisions have to make very precisely considering how the project has to be maintained according to the quality of the material which is being used in well-furnished furniture. There are people who are able to maintain reputation to lead to a higher quality, mainly depending upon on choice of the purchaser and the supplier who are both important to maintain the quality and quantity of the product at the reasonable price. The people have to look forward for a better deal where they understand that they are neither at loss and neither are they getting any bad product. There is a complete scripting of maintaining the cost according to the labour and the prime costs are generally determined with the help of the value address services and the reliability is mainly on the finance which could lead to a better behaviour in marketing structure and management of the organisation. More emphasis is to plan the reporting as to what quantity of people will be liable to buy the product.

Reference

Carroll, A., & Buchholtz, A. (2014). Business and society: Ethics, sustainability, and stakeholder management. Cengage Learning.

Walker, H., Klassen, R., Sarkis, J., & Seuring, S. (2014). Sustainable operations management: recent trends and future directions. International Journal of Operations & Production Management34(5), 1-1.

Malhotra, M. K., Singhal, C., Shang, G., & Ployhart, R. E. (2014). A critical evaluation of alternative methods and paradigms for conducting mediation analysis in operations management research. Journal of Operations Management32(4), 127-137.

Akgün, A. E., Ince, H., Imamoglu, S. Z., Keskin, H., & Kocoglu, Ä°. (2014). The mediator role of learning capability and business innovativeness between total quality management and financial performance. International Journal of Production Research52(3), 888-901.

Feng, M., Li, C., McVay, S. E., & Skaife, H. A. (2015). Does Ineffective Internal Control over Financial Reporting affect a Firm’s Operations? Evidence from Firms’ Inventory Management. The Accounting Review.

Heizer, J. H., Griffin, P., & Render, B. (2014). Operations Management. Supply-chain management434(436), 438-450.

Kavadias, S. S. (2014). 10â€Âyear Anniversary of the New Product Development, R&D, and Project Management Department in Production and Operations Management—Progress, Thoughts, and Perspectives. Production and Operations Management23(8), 1259-1264.

Smith, L., Maull, R., & Ng, I. C. (2014). Servitization and operations management: a service dominant-logic approach. International Journal of Operations & Production Management34(2), 242-269.

Berenguer, G., Keskinocak, P., George Shanthikumar, J., Swaminathan, J. M., & Van Wassenhove, L. (2014). Special Issue of Production and Operations Management: Not for Profit Operations Management. Production and Operations Management23(12), 2225-2226.

Hornyak, M. J., Peach, E. B., Bowen, A., Moes, W., & Wheeler, R. (2014). Examining program management in business simulations: Student and faculty views. Developments in Business Simulation and Experiential Learning33.

Soltani, E., K. Ahmed, P., Ying Liao, Y., & U. Anosike, P. (2014). Qualitative middle-range research in operations management: The need for theory-driven empirical inquiry. International Journal of Operations & Production Management34(8), 1003-1027.

Jeston, J., & Nelis, J. (2014). Business process management. Routledge.

Ellram, L. M., & Cooper, M. C. (2014). Supply Chain Management: It’s All About the Journey, Not the Destination. Journal of Supply Chain Management,50(1), 8-20.

Hernández, J. E., Lyons, A. C., Zarate, P., & Dargam, F. (2014). Collaborative decision-making and decision support systems for enhancing operations management in industrial environments. Production Planning & Control25(8), 636-638.

Snehota, I. (2014). Interdependences in business markets: Implications for management practice and research. jbm-Journal of Business Market Management7(1), 280-283.

Dixon, J. L., Snyder, S. K., Lairmore, T. C., Jupiter, D., Govednik, C., & Hendricks, J. C. (2014). A novel method for the management of post-thyroidectomy or parathyroidectomy hematoma: a single-institution experience after over 4,000 central neck operations. World journal of surgery38(6), 1262-1267.

Brown, S., Bessant, J. R., & Lamming, R. (2013). Strategic operations management. Routledge.

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Feng, M., Li, C., McVay, S. E., & Skaife, H. A. (2015). Does Ineffective Internal Control over Financial Reporting affect a Firm’s Operations? Evidence from Firms’ Inventory Management. The Accounting Review.

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Kavadias, S. S. (2014). 10â€Âyear Anniversary of the New Product Development, R&D, and Project Management Department in Production and Operations Management—Progress, Thoughts, and Perspectives. Production and Operations Management23(8), 1259-1264.

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