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Definition: Operations Management is the field concerned with managing and directing the physical and/or technical functions of a firm or organization, particularly those relating to development, production, and manufacturing.
Through OM the process is managed that converts inputs (in the forms of materials, labor, and energy) into outputs (in the form of goods and/or services).
OM, similar to industrial engineering, is concerned with making production processes and business operations in the production of goods or services both efficient (using as few resources as needed), and effective (meeting all requirements).
Examples of techniques used are Just-in-time, Lean Manufacturing, Six Sigma.