Production — Flashcards

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Production is the conversion of raw materials into semi-finished and finished products through various processes and procedures. It is the basic activity that changes inputs into useful outputs.

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Inputs are the resources used in production, such as materials, manpower, machinery, information, and energy. These inputs are transformed into outputs like finished products and component parts.

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Outputs are the results of production. They include finished products and component parts that are created after the conversion of inputs through production processes.

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Production adds value by changing inputs into outputs that are more useful. The value or utility created by production is the difference between the value of inputs and the value of outputs.

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The production function of business covers all activities of procurement, allocation, and utilisation of resources. These activities help in turning resources into goods and services.

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A business firm cannot survive and grow in the modern competitive economy unless it produces the goods and services required by customers. Efficient production helps the firm satisfy customer needs an…

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Production management means planning, organising, directing, and controlling production activities to achieve efficiency and economy. It helps in producing required goods and services in the right way…

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Production management deals with decision-making related to production processes so that goods or services are produced according to specifications, in the required amounts, by the demanded schedule, …