Pre-Class Assignment
The main focus of operations management is the process of producing and
distributing products and/or services. To quote Stevenson, it is “made up of various
departments from finance, marketing, operations and so forth” (Stevenson, p.4., 2012).
Through development, innovative products, production and distribution, operations
management tries to enhance business products and services. Operations management
refers to, as its name suggests, the operations it deals with like manufacturing, wholesale,
retail, etc. The key management solution is to balance the supply of product and the
demand for that product. The success of this balance will ensure a successful price that will
bring in revenue. If there is an imbalance, the price will change for the worse. Through
diminishing supply, and increase in demand, the price will increase. When the quantity of
the product is greater than the demand, then the price will decrease. Finally, the key is the
balance of supply and demand and achieve equilibrium, where supply and demand meets.
Innovation is a key factor of operations management. It is crucial to develop a new product
or service that will revolutionize that market. Lockheed Martin is one example that strives
to be the forefront of innovative technologies. Through its domestic and foreign
government diplomacy, it is imperative for the company to stay ahead of emerging markets
and technologies. Innovation has punctuated and changed history. In this competitive
market, if organizations do not provide innovative products and delivery quality service,
they will, most definitely be replaced by someone or some company who can.
Another key factor in operations management is quality; quality of work, quality of
