Tag Archive: efficiency

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Quality - The Third Leg of Operations Management’s Tripod Management, Self-Development, Training, March 17, 2023

In our preceding discussions on operations management, we focused on the crucial issues of efficiency and cost. In this post, we will explore the equally important aspect of quality management. It is widely recognized that successful business operations require effective management of all three elements - Efficiency, Cost, and Quality...
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Cost - The Second Leg of Operations Management’s Tripod General Issues, Management, Self-Development, Training, March 15, 2023

Gartner finance glossary defines cost management as the process of planning and controlling the costs associated with running a business. It includes collecting, analyzing, and reporting cost information to more effectively budget, forecast and monitor costs. Cost in operations management or operational cost, refers to the monetary value associated with...
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Efficiency - The First Tripod of Operations Management Management, Self-Development, Training, March 14, 2023

Operations management rests on three tripods - efficiency, cost, and quality. In this post, we will look at efficiency, its role and importance in operations management and explore some practical tips and strategies organizations can use to improve efficiency in the management of its operations. In subsequent posts in this...

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Tag Archive: Efficiency