INTRODUCTION
Production is a formal activity that adds value to goods and services, including creation, transport, and warehousing until used. Production is an organized process with specific goals. It implies the creation of a utility or services.
Operation is that part of as organization, which is concerned with the transformation of a range of inputs into the required output (services) having the requisite quality level.
Production function is ‘the part of an organisation, which is concerned with the transformation of a range of inputs into the required outputs (products) having the requisite quality level’.
Production is defined as ‘the step-by-step conversion of one form of material into another form through chemical or mechanical
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Managers are expected to maintain an efficient production process with a workforce that can readily adapt to new equipment and schedules. They may use industrial engineering methods, such as time-and-motion studies, to design efficient work methods. They are responsible for managing both physical (raw) materials and information materials (paperwork or electronic documentation). Of their duties involving money, inventory control is the most important. This involves tracking all component parts, work in process, finished goods, packaging materials, and general supplies. The production cycle requires that sales, financial, engineering, and planning departments exchange information — such as sales forecasts, inventory levels, and budgets — until detailed production orders are dispatched by a production-control division. Managers must also monitor operations to ensure that planned output levels, cost levels, and quality objectives are met.
Objectives of Production Management
The objective of the production management is ‘to produce goods and services of Right Quality and Quantity at the Right time and Right manufacturing cost’.
1.Right Quality: The quality of product is established based upon the customers need. The right quality is not necessarily being the best quality. It is determined by the cost of the product and the technical characteristics as suited to the specific requirements.
All organizations produce goods or services through the transformation process. Simply stated, every organization has an operations system that creates value by transforming inputs into finished goods and services outputs. For manufacturers, the products are obvious: cars, cell phones, or food products. After all, manufacturing organizations produce physical goods. It’s easy to see the operations management (transformation) process at work in these types of organizations because
The means of production refers to the facilities such as factories, and shops in which are privately owned to produce capital.
Production management is the organising and planning of staff and assets required to produce products and services, this could be ranging from organising staff to install equipment located on another continent through to the selection and purchasing of new plant to increase production in a manufacturing facility.
means of production (materials, tools, resources, organizations a society uses to produce, distribute (usually unequally) goods & services)
A. A way a company can produce a greater variety of high-quality products at lower cost, in less time, with less labor.
In recent years, the requirements of commercial and industrial operations in the production of services and goods have been subject to vast changes. In the present era of globalization and increasing international competition, a trend away from vertically integrated organizations has become more and more evident. In fact, most companies nowadays tend to solely concentrate on their own core competencies, outsourcing different steps of the production. However, including a great many of other organizational units to the production systems, has lead to rising complexity in terms of the operations management (Plenert, 2012).
Resources are all the ingredients needed for production. The factors of production include land(natural resources, labor (workers for the production process) entrepreneur (business owners), and capital (technology and machinery/tools of production).
* Production of goods and services from resources – natural, labour, capital and entrepreneurial resources
Industry is the generation of goods and services inside of an economy. The term industry and different industries were introduced during or after the Industrial Revolution. According to Montagna, the period known as the Industrial
The concept of the organizational operation is seldom approached within the specialized literature and a proven definition has yet to be forwarded. This can be explained by the fact that the organizational operation is a basic operation, often obvious, without it raising the need for a formal definition. At a generic level, an organizational operation could be understood as "the work or activities done by a business or organization, or the process of doing this work" (Longman Dictionary of Contemporary English).
generate production quantities, the demand would not be pulled from the downstream process, i.e. the
Operations processes refers to the acquisition of inputs which are transformed in a business through the addition of value into outputs of goods and services. Businesses use operational processes involving inputs and transformation processes to increase efficiency and output. The operations management focuses on carefully and managing processes to produce and distribute products and services based on the nature of the business. To achieve objectives in a business, the quality of products are monitored regularly using customer services and warranties. Both Qantas and McDonalds, utilise operation process in order to gain maximum efficiency and productivity.
land, animals, tools etc which are a necessary means of survival in order to produce food, shelter and clothing. These are called the forces of production. Together with the relations of production between the workers and those who owned the forces of production, this resulted in the mode of production. All human beings must employ the forces of production in order to meet basic economic needs. However, there has always been one class of persons who have owned the means of production.
The production of goods and services: how much the economy produces; what particular combination of goods and services; how much each firm produces; what techniques of production they use; how many people they employ.
Production is valued exceedingly within businesses, raw materials need to be created and assembled so that the company can then sell the product to the customer. Production will have its