Career RelevancyA strategy is a high-level plan used by organizations to achieve goals or objectives. Operational management and strategic management both have shared and separate goals that both benefit the business as a whole.BackgroundNow that you have learned the basics of operational management, you may be asking “What does operations managers do differently than the strategic managers of the company? They seem to do almost the same things, what’s the difference?”Strategic and operational management differ in 5 areas:1. Period of time–strategic management is concerned with the long-term goals and objectives of the company and operational management is focused on what is being done in the short-term to achieve the long-term goals.2. Money/budget–the operational budget comes from the larger strategic budget. Once the organizational budget is created for the larger organization, then the budget related to operational processes can be set.3. Goals–strategic planning prepares the long-term vision of all departments and the overall company. Operational planning is focused on specific pieces of the company to help meet the larger strategic goals.4. Plan generation–company leadership makes the strategic plan and executes the strategy. Once they have created the plan, it filters down to the departments that will implement the plan. There is a focus on the overall direction of the company and includes analyzing the opportunities, threats, strengths, and weaknesses of the organization and determining the economic plans and policies.5. Reporting–the strategic reporting should be communicated to the executive team and other stakeholders on an annual and quarterly basis. Operational reporting has a bit more flexibility and is usually done on a departmental level. Operational reporting is less “official” can include more commentary and qualitative measurements.One thing is for sure, the operational strategy cannot exist without the overall strategy of the company–the two are intertwined.Operations Management StrategiesOrganizations use different management strategies for various reasons. Sometimes the reasons have to do with the type of organization.Corporate strategy: Each department is interconnected and they work together to achieve the greater corporate goal.Customer-driven strategy: An adaptive strategy that is focused on changing environments and improvement of core competencies.Development of competitive priorities: Developed as a result of an organization evaluating their operational costs, the time it takes to develop a product, and the quality of the good or service.Developing core competencies: Identification of core competencies aids in creating processes to enhance customer satisfaction and product development.Product and service development: Strategies that consider product development need to consider new innovations, technological advances, and added values.Resources and ReferencesFoley, A. (n.d.). Strategic planning vs. operational planning: The 5 main differences. ClearPointStrategy. Retrieved from https://www.clearpointstrategy.com/strategic-planning-vs-operational-planning/ (Links to an external site.)Richards-Gustafson, F. (2019, March 8). 5 core operational strategies. Chron. Retrieved from https://smallbusiness.chron.com/5-core-operational-strategies-15488.html (Links to an external site.)Timpf, L. (2018, December 28). The difference between operational & strategic management. Career Trend. Retrieved from https://careertrend.com/info-7965065-difference-between-operational-strategic-management.html (Links to an external site.)PromptFor this assignment and course, you will select a manufacturing company that is publicly traded to complete a project you will work on throughout the class.For this week, you will create a PowerPoint presentation that includes the following:Discuss company background and products and services offered.Discuss the role of operations management in this company and what challenges they would face.Discuss the top three strategic issues that this company faces.Discuss how strategic operations would differ from operations management specifically to this company and its industry.Discuss what operations management strategies were employed by the company.Your presentation should be a minimum of 5 slides (not including your title slide and your reference slide and contain at least 2 citations and references.Also required:Speakers Notes: That explain what you would say when giving a presentation using these slides.Slides should be in the form of Bullets to introduce points-no paragraphs on slides.Paragraphs go speakers notes. Be sure sure to cite in your speakers.
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