Operations excellence has emerged as a central managerial philosophy aimed at achieving sustained superior performance through process integration, continuous improvement, and strategic alignment. This review paper synthesizes the extant literature on operations excellence models, performance measurement systems, and their implications for managerial decision making in manufacturing and service organizations. Drawing upon studies spanning quality management, operational strategy, and organizational transformation, the paper critically examines prominent excellence frameworks such as Lean-based systems, Six Sigma driven programs, integrated business excellence models, and digital operations initiatives. Particular attention is given to the evolution of performance metrics, including cost, quality, delivery, flexibility, innovation, sustainability, and human-capital indicators, as well as composite scorecard and maturity-model approaches. The review further analyzes how managers deploy these models to drive cultural change, cross-functional coordination, technology adoption, and long-term competitiveness. Emerging themes—including data driven excellence, Industry 4.0 enablement, resilience-oriented operations, and ESG-linked performance systems—are discussed to reflect contemporary organizational priorities. The paper concludes by identifying unresolved challenges in implementation, measurement integration, and scalability, and proposes a future research agenda focused on hybrid excellence frameworks, real-time performance analytics, and leadership capabilities required for sustaining operational superiority.