From the course: Operations Strategy for Business
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What is operations strategy?
From the course: Operations Strategy for Business
What is operations strategy?
Strategy is required whenever there are choices to be made about how to allocate resources towards achieving a vision from competing in the NBA basketball league to becoming a chess champion, starting a business or winning a war. Choices and trade-offs have to be made about how to best develop capabilities and deploy limited resources over the long term in order to achieve a set of high-level objectives. All businesses and organizations develop strategies for how they plan to achieve their vision. As one of the most important functions of an organization, operations must play a critical role and develop its own strategy. After the operations role has been defined in the overall business strategy, and it's clear how the performance of the organization will be evaluated, the operations function needs to form its own core principles that will guide its overall approach and decision-making. Operation strategy can form an essential part of a business's competitive success to stand out from…
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