The first time I heard this term is when I was in Symbiosis (SCMHRD), Pune. I thought it is just another fad and tried to ignore this subject.
But as things unfolded, I started liking this subject and showing more interest in learning this. Now, at Satyam School of Leadership we are doing RealTimeLearning (RTL)based on OD principles of Performance Consulting.
Now lets, look at OD briefly...
Organization Development (OD) is a powerful approach for applying behavioral science to improving organizational effectiveness and human fulfillment at work. Its primary emphasis is on relationships and processes between and among individuals and groups. OD also encompasses the overall performance of the organization, its effectiveness, structure, and internal/external system impacts. All of these components are critical success factors in the results-oriented organization.
For anyone interested in more about OD, here are some links:
OD Institute: http://members.aol.com/odinst/The Nine Steps to OD: http://learningvoyager.blogspot.com/2005/06/nine-steps-to-successful-organization_21.html