factors production and operation Flashcards
are the building blocks of any
economy.
factors of production
In other words, they are the inputs that we use to produce goods and services so that we can make an economic profit
factors of production
what are the factors of production
land, labor, capital, enterprise
includes any natural
resource we use to produce goods
and services
land
refers to the effort that humans contribute to the production of goods and services. In other words, ‘workers.
labor
includes machinery, tools, and buildings. Specifically, it includes those elements that we use to produce goods and services.
capital
what we need to combine the other factors of production, we combine them with the aim of earning profit
enterprise or entrepreneurship
are inherently useful and tangible items such as materials, merchandise, supplies, wares produced from agricultural, construction, manufacturing, or
mining activities.
goods
are intangible products such as accounting, banking, cleaning
consultancy, education, insurance, expertise, medical treatments and the like
services
process of production
input process output
materials or ingredients to be used in creating products
input
transformation phase where inputs are processed by manpower and machines to come up with final product
process
final product of the process stage, intended to be sold
output
The process of translating raw materials into finished
goods.
manufacturing
transforms resources or data inputs into desired goods, services or results that deliver value to customer
operation
administration of business practices to create highest level of efficiency possible within an organization
operation management
concerned with converting materials and labor into goods and services as fast as possible to maximize profit of organization
operation management
what are the components of operation management (8)
scheduling, loc strategy, job design human resources, layout design/facility, supply chain management, designs of goods and services, inventory, maintenance
the process of arranging, controlling and optimizing work and
workloads.
It also pertains to scheduling of equipment or labor.
schdeuling
oversees product base, market base, and vertically differentiated
loc strategy
is the process of Work arrangement (or rearrangement)
aimed at reducing or overcoming job dissatisfaction and employee alienation arising from repetitive and mechanistic tasks
job design human resources
how the resources are located relative to each other and how
its various jobs are allocated to resources. It is also to ensure for a smooth workflow.
layout design/facility
This is the management of the flow of goods and services.
It involves the movement of raw material used.
supply chain management
It is how the goods and services be delivered to the customers.
designs of goods and services
