Discuss the role of strategic planning, process design, inventory management, and quality control in achieving operational excellence.
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Question:
Discuss the role of strategic planning, process design, inventory management, and quality control in achieving operational excellence. Explore methodologies such as Lean Manufacturing, Six Sigma, and Total Quality Management, and their application in streamlining operations and reducing waste. Additionally, examine the impact of technology, automation, and data analytics on modern operations management practices. How can organizations balance the need for cost reduction with the imperative of delivering value to customers in today\'s dynamic business environment?
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