Operations management is the administration of business structure, practices, and processes to enhance efficiency and maximize profit. It refers to the management of functions that a business needs to run effectively day-to-day, including overseeing multiple departments and providing goals, overseeing and streamlining processes, determining demand and supply through forecasting, managing inventory and logistics, designing process and layouts, determining optimal utilization of resources by efficient capacity planning managing quality control, selecting a strategic location, managing human resources, and managing finances.