Question-1: What is Operation Management?

Operations management is the administration of business practices to create the highest level
of efficiency possible within an organization. It is concerned with converting materials and
labor into goods and services as efficiently as possible to maximize the profit of an
organization. Operations management teams attempt to balance costs with revenue to achieve
the highest net operating profit possible.

Operations management (OM) is the business function responsible for managing the process
of creation of goods and services. It involves planning, organizing, coordinating, and
controlling all the resources needed to produce a company‟s goods and services. Because
operations management is a management function, it involves managing people, equipment,
technology, information, and all the other resources needed in the production of goods and
services. Operations management is the central core function of every company. This is true
regardless of the size of the company, the industry it is in, whether it is manufacturing or
service, or is for-profit or not-for-profit.

Operations management is the administration of business practices to create the highest level
of efficiency possible within an organization. It is concerned with converting materials and
labor into goods and services as efficiently as possible to maximize the profit of an
organization. Operations management teams attempt to balance costs with revenue to achieve
the highest net operating profit possible.

Operations management involves utilizing resources from staff, materials, equipment, and
technology. Operations managers acquire, develop, and deliver goods to clients based on
client needs and the abilities of the company.

Signature

Md. Bijoy Ahmed

ID:17133056

1
02.What are the Functions of Operations Management?
In the past, operations had a much more challenging time with boosting efficiency within
their production facility. This was due to a lack of thorough insight and hindrances that
included a lack of collaboration throughout the organization. As production facilities came
across this problem frequently, operations management became a viable solutionOperations
management pertains to managing the operation and process within an organization. With
effective operations management, there is much more accountability and accuracy for
successful delivery of a product or project. Within the process, operations management
performs various functions that are apart of aiding the increase within production. Therefore,
here are the key functions of operations management.

Key Functions within Operations Management

Key functions of operations management include the following:

Finance - Finance is a crucial component within operations management. It is essential to

make sure that all finances have been utilized to their fullest extent and are being properly
carried out to ensure for optimized creation of goods and services. Proper utilization of
finances will allow for a product or service to be created that will satisfy overall consumer
needs.

Strategy - When utilizing strategy within operations management, this refers to planning
tactics that can aid through optimized resources and development of a competitive edge over
other businesses. Many business strategies include supply chain configuration, sales, capacity
to hold money, and optimum utilization of human resources.

Operation - This function of operations management is concerned with planning, organizing,

directing, and overall control of all activities within the organization. This is the primary

2
function of operations management and will effectively aid in converting raw materials and
human efforts into a durable good and service that consumers will be able to utilize.

Product Design - With new technology becoming available, the selling of a product become
much more simple. One of the main duties of operations management is to ensure that a
product is designed properly and caters to market trends and needs of consumers. Modern-
day consumers are concerned about quality instead of quantity, which is why it is so crucial
to develop a durable and top-notch quality product.

Forecasting - Forecasting is the process in which software makes an estimate of certain

events that may occur in the future. In operations management, forecasting can take an
estimate of consumer demand, which correlates with production through creating an accurate
amount of product needed within a given time. Overall, forecasting plays a crucial role within
the production process.

A software that is becoming extremely common among manufacturing operations includes

advanced planning and scheduling software. Advanced planning and scheduling software can
provide thorough insight within a production operation and take the facility to next level in
terms of optimization and efficiency.

Signature

Md. Omar Faruk

ID:17133057

3
Question:-3:Distinguish between manufacturing and service
operation.
The differences between manufacturing operations and service operations are below:

Tangible output: Service operations are typically found in banking, hospitality, advertising,
consultancy and the public sector. The output of a service firm, such as consultancy or
training, is intangible. Manufacturers produce tangible goods, which are physical products
that can be held and seen and stored.

Inventory: Service firms, unlike manufacturers, do not hold inventory; they create a service
when a client requires it, it cannot be stored. Manufacturers produce goods for stock, with
inventory levels aligned to forecasts of demand. Inventory also represents a cost.

Customisation vs. Standardisation: Manufacturers have a standardised way of producing

goods en-masse in a factory. One finished product is defined, fixed and the same as the next.
They can also produce for stock in advance of any orders. Service firms do not produce a
service unless a cusomer requires it, although they design and develop the scope and content
of services in advance of any orders. Service operations have more opportunities to customise
the services they provide tailored to customers‟ needs. E.g. beauticians and hairdressers must
customise the styling and treatments to match the customer‟s hair, shape of face etc.

Labour: A service firm recruits people with specific knowledge and skills in the disciplines
that it offers. Service delivery is labour intensive and cannot be easily automated, although
knowledge management systems enable a degree of knowledge capture and sharing.
Manufacturers can automate many production processes to reduce their labour requirements
or relocate to countries where labour costs are low.

Design of products and operation systems: In manufacturing factories, the products and
production systems can be designed separately because one same product can be produced by
different manufacturing systems (i.e. two equipments with different automation degree).
However in the service operations, the service provides system is part of the whole “service”
itself. Different service provides system have different characteristics which make the service
not the same, so those two systems must be designed together within the service operations.

4
Location: Service firms do not require a physical production site. The people creating and
delivering the service can be located anywhere. For example, global consulting firms use
communication networks to access the most appropriate service skills and knowledge from
offices around the world. Manufacturers must have a physical location for their production
and stock holding operations.

Customers’ effect: The production systems in the manufacturing companies are usually
enclosed to customers, manufacturing firms generally evaluate their products‟ quality from
internal perspective rather than external (customer‟s) perspective (Buzzell & Gale,
1987).thus they can have few influences on the manufacturing operations. However,
customers take part in the service operations; they may have positive and negative effects to
the process. So the service companies need to make full use of those good effects and try to
minimize the undesirable ones.

Production Environment: Manufacturing and service operations both plan the environment
in which work takes place, but they focus on different elements. Manufacturing operations
consider the manufacturing layout and its affect on the flow of work: fixed, process-focused
or product-focused (assembly line). In a service operation managers schedule workers to
handle customer demand. They must coach and train employees to provide optimal services
to customers when they arrive. Service operations also plan the environment according to
how it affects customers. They are concerned about the atmosphere for customers, layout of
furnishings, arrangement of signs and colours and sounds designed to enhance the customer
experience.

Signature

Rubel Fakir

ID:17133058

5
Question 4: Describe Operations with Figure.
Operation Management is described below with figure:

Operations management is the administration of business practices aimed at ensuring

maximum efficiency within a business, which in turn helps to improve profitability.

It involves resources from staff, materials, equipment, and technology, converting these
inputs into efficient and effective outputs on both day-to-day and strategic levels within an
organization.

Operations management is basically people management. Most business departments focus

on very specific goals – marketing means getting more sales for your business, HR keeps
your employees happy, and so on.

Operations management, on the other hand, involves getting the most out of your company
resources. These can involve your employees (doing more work that creates value),
technology (maximum efficiency in manufacturing, for example), equipment (help
employees do more work), and so on.

The term operations management refers to the direction and control of the processes that
transform inputs into outputs (product and services). Processes and operations are represented
by -

Operation management deals with processes that produce goods and services that people use
every day. Processes are the fundamental activities that organizations use to do work and

6
achieve their goals. It is concerned with managing an entire production system which is the
process that converts inputs (in the forms of raw materials, labor, and energy) into outputs (in
the form of goods and/or services), or delivers a product or services.Operations produce
products, manage quality and creates service. Operation management covers sectors like
banking systems, hospitals, companies, working with suppliers, customers, and using
technology. Operations is one of the major functions in an organization along with supply
chains, marketing, finance and human resources. The operations function requires
management of both the strategic and day-to-day production of goods and services.

In managing manufacturing or service operations several types of decisions are made

including operations strategy, product design, process design, quality management, capacity,
facilities planning, production planning and inventory control. Each of these requires an
ability to analyze the current situation and find better solutions to improve the effectiveness
and efficiency of manufacturing or service operations.

In fine, operation management is the design operation and improvement of the system that
create and deliver the firms primary products and services.

Signature

Iffath Nouroz

ID:17133059

7
Question-5:What types of decision are involved in managing
operations

10 Decision Areas of Operations Management

1. Design of Goods and Services . Google‟s product design involves different teams for
the company‟s various products. This decision area of operations management is
applied based on market research, trends and forecasting. For example, Google uses
forecasts of future expectations of users to develop cutting-edge apps for desktop and
mobile users

2. Quality Management. This decision area of operations management is applied at

Google through iterative testing, debugging and innovation, and through user
involvement. Iterative testing and debugging are used in the company‟s facilities to
ensure that products have minimal errors or bugs when released to the market. Also,
Google frequently invites users to send error reports and reviews that the firm can use to
improve product quality.

3. Process and Capacity Design. For Google‟s web-based and software products, this
decision area of operations management is of minimal consideration because the company
maintains almost the same number of workers even if the demand for these products
increase. Web-based or software products can be easily distributed through the
Internet without significantly impacting the company‟s HR capacity. Capacity design is
addressed at Google through standardized conventional processes in software
development. However, for goods like Nexus and Chromecast, this decision area of
operations management has a bigger impact. Google applies process and capacity design
through contract manufacturing. For example, Google develops its Nexus smartphones,
but outsources the production to original equipment manufacturers (OEMs). Thus, the
OEMs make decisions on process and capacity design for these Google products.

4. Location Strategy. For Google‟s web-based digital products, this decision area of
operations management is a minimal consideration because these products are distributed
through the Internet. However, for support activities, the company maintains facilities
around the world, such as offices in California and Singapore. For goods like Nexus and

8
 Chromecast, this decision area of operations management is applied at Google through
networking with suppliers or original equipment manufacturers (OEMs).

5. Layout Design and Strategy. This decision area of operations management applies at
Google in terms of the company‟s design of its workflows and facilities. The firm is
known for innovative and creative work environments. In developing web-based and
software products, Google uses efficient workflows integrated with creative ideas for its
offices, such as the ones in Googleplex in California. This strategy combines efficiency
and creativity.

6. Human Resources and Job Design. Google‟s human resource management addresses
this decision area of operations management through emphasis on smartness and
excellence in employees. The company favors smart employees, with less regard for
experience. To retain talent, Google uses highly competitive compensation packages that
include high salaries and incentives like free meals.

7. Supply Chain Management. Google uses its advanced information systems to

manage its supply chain. For this decision area of operations management, the company
analyzes inventory records to predict demand and inform suppliers and original
equipment manufacturers (OEMs).

8. Inventory Management. In this decision area of operations management, Google‟s

inventory management uses different types of inventory that correspond to the needs of
its various businesses. The company also uses automation to monitor and control
inventory. Such automation is especially significant in managing Google‟s inventory of
web-based and software products.

9. Scheduling. In this decision area of operations management, Google has perfected the
application of automation. The company automates certain processes, such as checks and
monitoring of productivity levels. For the activities in offices, Google also applies
scheduling through flexible approaches, in consideration of changes in the availability of
employees.

10. Maintenance. Google needs to maintain information systems, servers and facilities.
To do so, the company has dedicated teams for maintenance. These teams are classified
as Operations & Support. Through the activities of these personnel, Google‟s operations

9
 management keeps all equipment and facilities running smoothly to address this decision
area. Determining Productivity at Google Google determines the productivity of its
personnel based on a variety of criteria. The company has different kinds of operations

Question- 5:Why Study Operations Management?

Operation management is a process that involves planning, organizing, managing, controlling
and supervising the production and manufacturing processes. The major aim of an operation
manager is to ensure timely delivery of the products and to successfully turn the raw
materials into the finished products (input to output). Operations Management plays a vital
role to run any project successfully. Its benefits include:

1.Operation management involves similar management for every industry or business

irrespective of their nature of the operation. Planning, organizing, staffing, monitoring
controlling, directing and motivating are its significant elements. Operation management is
obligatory for organizations to manage the daily activities seamlessly. With its help, an
organization is able to make good use of its resources like labor, raw material, money and
other resources.

2.Operation Management is important to improve the overall productivity. The ratio of

input to output is termed as productivity. It gives a measure of the efficiency of the manager
as well as the employees. Since the discipline focuses on using the available resources in the
best possible way to achieve end goals, so it improves the overall productivity.

3.Operation management is the management of the various business activities that take
place within an organization and contributes in making the products to align with customer‟s
requirements. Operation management is the heart of an organization as it controls the entire
operation If the products are made catering to the needs of the customers then, they‟ll be sold
at a rapid rate.

4.Under operation management, there is the optimum utilization of resources leading to

enormous profits of the organization. The efforts of the employees and the various raw

10
materials are efficiently utilized and converted into the services and goods required by the
organization. Operation management plays a crucial role in an organization as it handles
issues like design, operations, and maintenance of the system used for the production of
goods.

5.Earlier everyone believed that the operation management was not that important for the
organization, but later on, it was discovered that it is actually important for the functioning of
the organization. It was found that the manufacturing of raw materials to make the goods and
selling them along with management of sales is necessary, and this is done efficiently by
managing the operations.

It is a complicated process to manage the operations, so in-depth knowledge is required to

take on the position of an operation manager. The aspiring candidates are required to pursue
specialization courses in operation management that provides them profound knowledge and
requisite skills pertaining to the sector. MIT School of Distance Education offers PGDBA in
Operations which is a course equivalent to MBA in Operations. The course imparts field-
specific knowledge and educates the candidates about various trends in the industry. The
course material is prepared by experienced professionals who have been in the industry for
several decades. This two-year course will surely uplift your skills and makes you a sought-
after candidate for many MNC‟s. The working professionals can pursue this course to
witness speedy promotions and enormous hike in their salary.

Signature Signature

Tahmina Fatima Tanny Sunzida Islam Era

17133060 17133061

11
Question-6: What are the objectives of Operation Management?
The Objectives of Operations Management:

The main objectives of the Operations Management can be broadly classified in to

resource utilization and customer service.

1. Customer Service: It is the prime objective to provide the customer with a specific

product that satisfies in terms of cost and timing. In other words, it may be defined

as, providing the customer with the „right thing at a right price at the right time‟.

To achieve this objective, it also involves the functions such as manufacturing,

transportation, supply chain, and service. In general, any organization would

always put its best efforts to achieve the standards as mentioned above.

2. Resource Utilization: To achieve the customer satisfaction, an organization has to

use their resources effectively and efficiently. Operations management‟s focus

is more on resource utilization to reduce their losses, under utilization of waste

in order to make the maximum benefits. The other functions that are also

equally important are time utility, space, and activities in the process.

Some other objectives are:

 Producing the right kind of goods and services that satisfy customers‟ needs

(effectiveness objective).

 Maximizing output of goods and services with minimum resource inputs

(efficiency objective).

 Ensuring that goods and services produced conform to pre-set

quality specifications(quality objective).

 Minimizing throughput-time – the time that elapses in the conversion

process- by reducing delays, waiting time and idle time (lead time objective).

 Maximizing utilization of manpower, machines, etc. (Capacity utilization

objective).

12
  Minimizing cost of producing goods or rendering a service (Cost objective).

Operations management is primarily focused to achieve customer satisfaction and the

resource utilization equally. If one of the objectives is more focused, then the other
is on the

decline. Hence, both the objectives can not be maximized at the same time, so
the managers

need to balance between them. The managers must be cautious enough while
dealing with the

problems apart from keeping these two objectives in mind. In

operations management, the

formation of goods or services encompasses conversion of inputs into

outputs, wherein

different inputs such as capital, labor, material, machinery and information are
combined and

used to create output, by using the conversion process. For this purpose,
the organization

measures different points in the process and then compares the same with the
set standards, to

ascertain whether corrective action is required or not.

Signature

Md Sahidul Islam

ID:17133062

13
Question:7: How does operation differ from other
functions?

Key Functions of Operations Management.

Operations management is a multi-disciplinary field that focuses on managing all aspects of

an organization's operations. The typical company carries out various functions as a part of its
operation. The dividing of a company's activities into functional categories occurs very early
on, even in a company formed and operated by a single individual. Most companies make a
product of some kind or produce a salable service. They must also carry out a sales and
marketing function, an accounting function, and an administrative function to manage
employees and the business as a whole. Operations management focuses on the function of
providing the product or service. Their job is to assure the production of a quality good and/or
service. They apply ideas and technologies to increase productivity and reduce costs, improve
flexibility to meet rapidly changing customer needs, assure a safe workplace for all
employees, and when possible assist in assuring high-quality customer service.

 Finance - Finance is a crucial component within operations management. It is

essential to make sure that all finances have been utilized to their fullest extent and
are being properly carried out to ensure for optimized creation of goods and services.
Proper utilization of finances will allow for a product or service to be created that will
satisfy overall consumer needs.
 Strategy - When utilizing strategy within operations management, this refers to
planning tactics that can aid through optimized resources and development of a
competitive edge over other businesses. Many business strategies include supply
chain configuration, sales, capacity to hold money, and optimum utilization of human
resources.
 Product Design - With new technology becoming available, the selling of a product
become much more simple. One of the main duties of operations management is to
ensure that a product is designed properly and caters to market trends and needs of
consumers. Modern-day consumers are concerned about quality instead of quantity,
which is why it is so crucial to develop a durable and top-notch quality product.
 Forecasting - Forecasting is the process in which software makes an estimate of
certain events that may occur in the future. In operations management, forecasting can
take an estimate of consumer demand, which correlates with production through
creating an accurate amount of product needed within a given time. Overall,
forecasting plays a crucial role within the production process.

 Managing the System - Managing the system involves working with people to
encourage participation and improve organizational performance. Participative
management and teamwork are an essential part of successful operations, as are

14
 leadership, training, and culture. In addition, material management and quality are
two key areas of concern.

 BUILDING SUCCESS WITH OPERATIONS

This function of operations management is concerned with planning, organizing, directing,

and overall control of all activities within the organization. This is the primary function of
operations management and will effectively aid in converting raw materials and human
efforts into a durable good and service that consumers will be able to utilize.

To understand operations and how they contribute to the success of an organization, it is

important to understand the strategic nature of operations, the value-added nature of
operations, the impact technology can have on performance, and the globally competitive
marketplace.

Efficient organization operations are a vital tool in achieving competitive advantage in the
daily contest for customers/clients. What factors influence buying decisions for these entities?
For most services and goods, price, quality, product performance and features, product
variety, and availability of the product are critical. All these factors are substantially
influenced by actions taken in operations. For example, when productivity increases, product
costs decline and product price can be reduced. Similarly, as better production methods are
developed, quality and variety may increase.

By linking operations and operating strategies with the overall strategy of the organization
(including engineering, financial, marketing, and information system strategy) synergy can
result. Operations become a positive factor when facilities, equipment, and employee training
are viewed as a means to achieve organizational objectives, rather than as narrowly focused
departmental objectives. In recognition of this evolving viewpoint, the criteria for judging
operations are changing from cost control (a narrowly defined operating objective) to global
performance measurements in such areas as product performance and variety, product
quality, delivery time, customer service, and operational fle.

Signature Signature

Rakib Hasan Jahidul Islam

ID: 17133063 ID:17133064

15
Question:8:The 14 Different Ways of Improving Productivity

1. Track and limit how much time you're spending on tasks.

You may think you're pretty good at gauging how much time you're spending on various
tasks. However, some research suggests only around 17 percent of people are able to
accurately estimate the passage of time. A tool like Rescue Time can help by letting you
know exactly how much time you spend on daily tasks, including social media, email, word
processing, and apps.

2. Take regular breaks.

It sounds counterintuitive, but taking scheduled breaks can actually help improve
concentration. Some research has shown that taking short breaks during long tasks helps you
to maintain a constant level of performance; while working at a task without breaks leads to a
steady decline in performance.

3. Set self-imposed deadlines.

While we usually think of a stress as a bad thing, a manageable level of self-imposed stress
can actually be helpful in terms of giving us focus and helping us meet our goals. For open-
ended tasks or projects, try giving yourself a deadline, and then stick to it. You may be
surprised to discover just how focused and productive you can be when you're watching the
clock.

4. Follow the two-minute rule.

Entrepreneur Steve Olenski recommends implementing the "two-minute rule" to make the
most of small windows of time that you have at work. The idea is this: If you see a task or
action that you know can be done in two minutes or less, do it immediately. According to
Olenski, completing the task right away actually takes less time than having to get back to it
later. Implementing this has made him one of the most influential content strategists online.

5. Just say no to meetings.

Meetings are one of the biggest time-sucks around, yet somehow we continue to
unquestioningly book them, attend them and, inevitably, complain about them. According to
Atlassian, the average office worker spends over 31 hours each month in unproductive
meetings. Before booking your next meeting, ask yourself whether you can accomplish the

16
same goals or tasks via email, phone, or Web-based meeting which may be slightly more
productive.

6. Hold standing meetings.

If you absolutely must have a meeting, there's some evidence that standing meetings (they're
just what they sound like--everyone stands) can result in increased group arousal, decreased
territoriality, and improved group performance. For those times when meetings are
unavoidable, you may want to check out these 12 unusual ways to spur creativity during
meetings.

7. Quit multitasking.

While we tend to think of the ability to multitask as an important skill for increasing
efficiency, the opposite may in fact be true. Psychologists have found attempting to do
several tasks at once can result in lost time and productivity. Instead, make a habit of
committing to a single task before moving on to your next project.

8. Take advantage of your commute.

This goes for any unexpected "bonus" time you may find on your hands suggests author
Miranda Marquit. Instead of Candy-Crushing or Facebooking, use that time to pound out
some emails, create your daily to-do list, or do some brainstorming.

9. Give up on the illusion of perfection.

It's common for entrepreneurs to get hung up on attempting to perfect a task--the reality is
nothing is ever perfect. Rather than wasting time chasing after this illusion, bang out your
task to the best of your ability and move on. It's better to complete the task and move it off
your plate; if need be, you can always come back and adjust or improve it later.

10. Take exercise breaks.

Using work time to exercise may actually help improve productivity, according to a study
published in the Journal of Occupational and Environmental Medicine. If possible, build in
set times during the week for taking a walk or going to the gym. Getting your blood pumping
could be just what's needed to clear your head and get your focus back.

11. Be proactive, not reactive.

Allowing incoming phone calls and emails to dictate how you spend your day will mean you
do a great job of putting out fires--but that may be all you get accomplished. My friend and

17
business partner Peter Daisyme from free hosting company Hostt says, "Set aside time for
responding to emails, but don't let them determine what your day is going to look like. Have
a plan of attack at the start of each day, and then do your best to stick to it."

12. Turn off notifications.

No one can be expected to resist the allure of an email, voicemail, or text notification. During
work hours, turn off your notifications, and instead build in time to check email and
messages. This is all part of being proactive rather than reactive (see number 11).

13. Work in 90-minute intervals.

Researchers at Florida State University have found elite performers (athletes, chess players,
musicians, etc.) who work in intervals of no more than 90 minutes are more productive than
those who work 90 minutes-plus. They also found that top performing subjects tend to work
no more than 4.5 hours per day. Sounds good to me!

14. Give yourself something nice to look at.

It may sound unlikely, but some research shows outfitting an office with aesthetically
pleasing elements--like plants--can increase productivity by up to 15 percent. Jazz up your
office space with pictures, candles, flowers, or anything else that puts a smile on your face.

Signature Signature
Md. Abdul kader Md. Shakib Hossain

ID:17133065 ID:17133066

18
Question-9:What are the subject areas of
operation management?

Some of the major functional areas of management are as follows:

It is also called operational management or functional areas of management. As being
management, a social and universal process, its area is very wider. Inter disciplinary
approach of management widens the functional areas.\

There are five main functional areas of management viz., human resource, production office,
finance and marketing; which have been discussed below.

Nowadays, some new and emerging dimensions are also considered areas of management as:
time management, environment management, transport management, international
management, forex management.

In time management, the emphasis is given on achieving the target in minimum time. By the
nature, only one thing time is allotted equally to every creature as 24 hours in a day. But the
person, who knows the art of time management, ranks first. Japanese time management is
regarded best in the world.

In environment management, the efforts are made to check the different types of industrial
pollution viz., air, water and noise. It is the responsibility of general manager to plan for
congenial ecology to plant, animal and human being. Transport management is the
specialized branch for arranging efficient and cheaper transport facility.

In the age of multinational corporations (MNCs), the primary concern of international

management is with the management of people, material and money of the international
environment.

It is the extension of simple management process itself, but across national frontiers. A
manager while dealing with different nations must take into account the legal, political,
social, economic and technical aspects in the global perspective. Forex (foreign exchange)

19
management is the application of management principles for earning more and more foreign
money.

1. Human resource management:

Human resource development or personnel management or manpower management is
concerned with obtaining and maintaining of a satisfactory and satisfied work force i.e.,
employees. It is a specialized branch of management concerned with „man management‟.

The recruitment, placement, induction, orientation, training, promotion, motivation,

performance appraisal, wage and salary, retirement, transfer, merit-rating, industrial relations,
working conditions, trade unions, safety and welfare schemes of employees are included in
personnel management. The object of personnel management is to create and promote team
spirit among workers and managers.

2. Production management:
Production management refers to planning, organization, direction, coordination and control
of the production function in such a way that desired goods and services could be produced at
the right time, in right quantity, and at the right cost. Some authors treat material, purchase
and inventory management as part of production management. Production management
involves the following functions:

(a) Product planning and development,

(b) Plant location, layout and maintenance,

(c) Production systems and machines,

(d) Management of purchase and storage of materials,

(e) Ensuring effective production control.

3. Office management:
Office management can be defined as, “the organization of an office in order to achieve a
specified purpose and to make the best use of the personnel by using the most appropriate

20
machines and equipment, the best possible methods of work and by providing the most
suitable environment.”

The main topics of office management are: office accommodation, layout and environment,
communication, handling correspondence and mail, typing and duplicating, record
management and filing, indexing, forms and stationary, machines and equipments, O & M,
office reporting, work measurement and office supervision.

4. Financial management:
Financial management can be looked upon as the study of relationship between the raising of
funds and the deployment of funds. The subject matter of financial management is: capital
budgeting cost of capital, portfolio management, dividend policy, short and long term sources
of finance. Financial management involves mainly three decisions pertaining to:

1. Investment policies:
It dictates the process associated with capital budgeting and expenditures. All proposals to
spend money are ranked and investment decisions are taken whether to sanction money for
these proposed ventures or not.

2. Methods of financing:
A proper mix of short and long term financing is ensured in order to provide necessary funds
for proposed ventures at a minimum risk to the enterprise.

3. Dividend decisions:
This decision affects the amount paid to shareholders and distribution of additional shares of
stock.

5. Marketing management:
Philip Kotler views marketing as a social and managerial process by which individuals and
group obtain what they need and want through creating and exchanging products and values
with others. American Marketing Association defines marketing management as the “process
of planning and executing the conception, pricing, promotion and distribution of ideas, goods
and services to create exchange that satisfy individual and organizational objectives.”

21
The course content of marketing management generally includes: marketing concept,
consumer behaviour, marketing mix, market segmentation, product and price decisions,
promotion and physical distribution, marketing research and information, international
marketing etc.

Modern marketing management is bridging the gap of demand and supply through de-
marketing, remarketing, over-marketing and meta- marketing. Modern marketing, from
societal point of view, is the force that harnesses a nation‟s industrial capacity to meet the
society needs and wants.

The main function of modern management is to organize human and physical resources and
direct them toward efficient performance and higher productivity at the minimum costs. The
same line of thinking can be applied in various functional areas viz., personnel, production,
office finance and marketing. Modern managers are the harbinger of cooperation, fellow
feeling, mutual understanding and growth.

Signature Signature

Md. Arafat Rahman King Nokrek

15133065 (Re-add) 16133049(Re-add)

22