Operations Management (OM) is the functional area of business primarily devoted to the creation, planning, and management of the resource capabilities used by a firm to create products or services. (Georgia Tech University)
Functional management is defined as the operational side of business management. Functional management focuses on whether and how the business and its departments and centers are functions. Functional management encompasses creation of product or services; planning for production, delivery and marketing of products and services; and the management of the supply chain that brings in resources for production.