Rekstrarfræði

Rekstrarfræði is the Icelandic term for operations management. It is a field of study and practice concerned with the design, operation, and improvement of the systems that create and deliver a company's primary products and services. The core objective of operations management is to ensure that these systems are efficient, effective, and capable of meeting customer demand while minimizing costs and maximizing quality.

The scope of rekstrarfræði is broad, encompassing a variety of areas. These include process design and improvement, supply chain management, inventory control, quality management, production planning and control, service operations, project management, and capacity planning. Professionals in this field work across diverse industries, from manufacturing and healthcare to retail and technology.

Key principles in rekstrarfræði often involve the strategic alignment of operational capabilities with business goals. This includes making decisions about where to locate facilities, how to design the layout of those facilities, what technologies to adopt, and how to manage the workforce. Performance measurement is also a critical component, with emphasis on metrics such as productivity, efficiency, throughput, and customer satisfaction. The ultimate aim is to achieve a competitive advantage through superior operational performance.