Production — Chapter Summary

Production is the conversion of raw

Production is the conversion of raw materials into semi-finished and finished products through processes and procedures. It is the creative use of inp

Production involves inputs such as materials

Production involves inputs such as materials, manpower, machinery, information and energy, which are transformed into outputs such as finished goods a

The value or utility created by

The value or utility created by production is the difference between the value of inputs and the value of outputs.

Production management means planning

Production management means planning, organising, directing and controlling production activities to achieve efficiency and economy. It also means coo

Production management applies managerial functions

Production management applies managerial functions to the design and operation of the production system.