What are the 5 Ps of operationsmanagement?

The 5 Ps of operations management are profits, plan, process, people and possessions. These management tools give managers the ability to focus on what is important to grow and maintain a business.

Every business, no matter the size, has to be concerned with profits. Profits help to survive and thrive, and managers must always be concerned with generating long-term profits.

In order to set long-term profit goals, a business must utilize the other management Ps in its arsenal. People work together for a common goal using the plans implemented by management. They use the possessions available to the company to help the business grow and succeed.