tle - production

• Production - process that involves tranforming raw materials available into finished products
• Management - administration of an organization, whether it be a business, a non-profit organization, or government
• Production Management - job of coordinating and controlling the activities required to make a product
• Production Management involves control, cost-quality, performance, and waste management
• Production System - collection of interrelated activities involved in producing goods and services
• Demand Information - transforms a business' location, departments, and partners into a whole
• Raw materials - unprocessed materials that are used to produce products
• resources - supply of money, materials, staff in order to function effectively
• Products - things offered
• Wants - good/services we desire or wish
• Needs - goods/services that are necessary
• Success Factors

  1. Education
  2. Skill
  3. Contacts
  4. Money
  5. Good work habits
  6. Positive mental attitude
  7. Positive image
  8. Creativity
  9. Character
• Goods - inherently useful and tangible items
• Services - intangible products
• Manufacturing - process of translating raw materials into finished goods
• Input - materials/ingredients
• Process - transformation phase
• Output - final product
• Land/Location - land plus anything that comes from the land
• Labor - effort that humans contribute
• Labor - workers/manpower
• Capital - machinery, tools, and buildings
• Entrepreneurship - aka enterprise
• Entrepreneurship - what we need to combine the other factors of production
• Input - Land, Labor, Capital, and Entrepreneurship
• Characteristics

  • Motivation
  • Passion
  • Vision
  • Confidence
  • Decision making
• Productivity - effectiveness of productive effort
• FORMULA: Labor Productivity=output/input