Operational Management Business Plan of a Special Event Essay

Operational Management Business Plan of a Special Event - Essay Example Siegel (2009, Pg. 21) says that this domain constitutes an important and critical part of business that governs the efficiency and quality with which products are manufactured or services are provided and involves numerous human intensive procedures. In fact, operations management also encompasses the effective distribution and supply of goods to customers. The history of operations management can be traced back to the Second World War when various researchers undertook complex studies to understand the various basic processes that influenced the course of army operations such as logistics, troop movement, supply routes etc (Pycraft, 2009, Pg. 43). This extensive focus on analyzing the pattern of military operations led to the evolution of military systems and provided the much needed insight into understand multilateral and interdisciplinary process that constitute the field of operations research. The discipline of operations research thus encompasses various scientific domains and depends on solutions like statistics, modeling and structured algorithms to provide some useful answers to complex problems that pertain to various business processes and operations within an organization. In this context, operations research does not rely much on considering the exact nature or area of specialization of the organization. According to McMahon (2007, Pg. 87), the sole purpose of employing operations research methods is to determine a scientific answer to a given complex scenario that can enhance the performance of the company and thus requires the collaboration of experts from several disciplines to understand the problem from a quantitative perspective. Thus, operations research provides numerous tools, methods and procedures that help solve many issues pertaining to operations management (Wagen, 2009, Pg. 63). Operations management is also influenced by industrial engineering that helps understand a given problem area from an engineering perspective and develop re quisite solutions. The current paper describes the usefulness of operations management in organizing special events like seminars and conferences. Various issues pertaining to event management like planning, purchasing, inventory management, logistics, budgeting and quality will be considered when describing the applicability of operations management to this particular business area. The manner in which different components work together in organizing a successful event and the role of operations management in reducing costs and ensuring profitability has been highlighted. Specifically, the paper discusses the usefulness of operations management in organizing a networking event for reputed firms such as an investment bank. Investment banks regularly organize such events to interact with potential customers, forge new contacts with major players in different industries and strengthen relationships with existing customers. Typical attendees to these events included high profile repres entatives from several prominent companies operating in various industries. Role of operations management in organizing events A networking event, such as the one discussed in this paper, is not just a luxurious business party, but is in fact an important marketing exercise for investment banks that is aimed at promoting their services through personal interaction with potential clients. While the event has to display the reputation and prominence of the investment bank, the primary goal of the event