M3

• Input


  All the resources and materials used in the production process, including raw materials, components, energy, labor, machinery, and technology
• Output


  The final products, goods, or services produced by the production process
• Manpower


  • The human labor force involved in the manufacture of products
  • It is measured as the most serious and main factor of production
  • The entrepreneur must determine, attain and match the most competent and skilled employees with the jobs at the most appropriate time period
  • Educational qualifications and experience, numbers of workers required, skills and expertise required for the job are some of the manpower criteria that must be highly considered by the entrepreneur
• Assembly line


  1. A manufacturing process in which a product is assembled step-by-step as it moves along a conveyor belt or other type of production line

  2. It allows for a division of labor, with workers specializing in specific tasks, which can lead to increased productivity and consistency in the quality of the final product
• Material


  Raw materials, components, and supplies essential for manufacturing. Materials mainly form part of the finished product. If the resources are below standard, the finished product will be unsatisfactory
• Inventory


  The stock of goods, raw materials, or components that a company holds for production, resale, or future use. It represents the assets a company intends to sell or use in the production process
• Machines


  • Manufacturing tools, equipment, and technology used in the production of goods or delivery of services
  • In selecting equipment, the entrepreneur may consider types of products to be produced, cost of the equipment, capacity of the equipment, availability of spare parts, efficiency of the equipment, and the skills required in running the equipment
  • Selecting appropriate machinery enhances productivity, quality, and safety. It optimizes processes and reduces costs by streamlining operations
• Production method


  The process or way of transforming raw materials to finished products. It encompasses a series of stages through which resources progress before reaching a finalized state ready for delivery to customers
• Batch production


  The manufacture of a specific quantity of products at a time, known as a batch. Each batch goes through a series of production steps before being completed
• Mass production


  The production of large quantities of standardized products, typically utilizing assembly lines and specialized machinery to achieve high-volume output
• Job production


  Also known as custom or bespoke production, involves the manufacture of unique or customized products to meet specific customer requirements
• Continuous production


  The uninterrupted manufacture of products on a 24/7 basis