Is Project & Operations Management profitable in 2021?
The field of operations management is huge and cannot be defined specifically. It is rather substituted with projects. A set of actions that are repeated is known to be operations management. On the other hand, a project is an action that cannot be duplicated and has to be unique. But, there is a twist. We always find confusion in these terms where that happens once or several times. It also depends on us since our reactions are always different. Operations are basically to streamline tasks to achieve the objectives and goals at the end of the day. Both the terms are considerably confusing. But, the way we handle and react to it matters which fuels profitability.
The end goal is all we can do to make our operations more profitable in the age of change.
- Operations management must depend on actions that make the entire projects work. Such as a change in design, availability of resources, planning. If you are having planning issues then resolve them. There are things that make the operations dependent which is why to make sure all the requirements are ready to make it a successful project.
- While you are planning your operations, make sure the entire team is considering the uncertainties under the operations. Depending on the environment and external factors, uncertainties depend. The more we consider them properly, the smoother operation goes which breeds profit. If the projects receive an impact negatively, it hints doubt on the operations streamline. So uncertainties require focus and fast solutions to make the operations work smoothly. After that, the external issues come in which are equally crucial for a seamless operation.
- Another major point that can impact profit or make a profitable project through guided operations is external issues. This will eliminate the need for senior leadership. Most of the time, senior leadership is always available in the back but during emergencies it becomes crucial. Utilize the senior leadership wherever required with an appreciation for profits. Take care of external issues which impact projects and operations so avoid any senior involvement. The internal issues are uncertainties as well in handling projects and executing operations.
- Make the flow of information a priority in your projects and your company. Hierarchy in a company is flattering but it restricts information in many ways that impact the operations and the project. Communication is quite significant to make operations management working. The term operational communication is important and significant. If there is no communication between the employees and top-level senior management, then there will be no streamline in operations. This will impact the profit negatively.
- Time is one of the most important points to note in operations management. The lead time and touch time are notable factors. The usage of resources is a notable factor but also consider how much time one is taking to complete. The time taken will be different for every individual. One can finish the work in two hours and the other person can take three hours. Every person’s efficiency is different which is why to note the time individually to know the entire time taken for the operation to complete. This is a point which many managers and people in higher positions in the organizations miss which decreases their profits.
In conclusion, we all, being concerned employees and operations managers, must note to be more aware of the changing times. To avoid chaos, we request to provide time to adapt to change during the coronavirus pandemic. The operations management team must always be aware of facing the unexpected. This means the team must know the time required, availability of resources, individual efficiency before proceeding towards a project. A project will not be successful if you are not considering these points being in operations management.
Learn Project Management and all about operations management through our M.Sc. in Project Management provided by Lincoln University of Business and Management in partnership with the University of the West of Scotland.