Production and operations management involves combining resources to transform them into valuable products or services. It aims to produce the targeted quantity of outputs that meet cost, quality, performance, and waste requirements according to schedule. The scope of production and operations management includes production planning and control, quality control, material management, maintenance management, facility location and layout, inventory control, product and process design. It focuses on producing the right quantity to ensure profitability without excess or shortage, minimizing production time and cost, producing outputs of the right quality to meet customer needs, and planning and controlling materials to maintain optimal inventory levels.