Lesson 1, 4th Quarter: Prouction & Production Management Flashcards
These are the tangible goods
Product
These are the intangible materials
Services
What is PRODUCTION?
It is the process of transforming raw materials into finished products.
It is the administration of an organization. These are the people who manage the business/oragnization.
Management
It controls and coordinates the activities required to make a product. It also involves control, cost, quality, performance, and waste management.
Production Management
What is PRODUCTION SYSTEM?
A collection of interrelated activities involved in producing goods and services.
What are the components of production system?
Demand Information
Raw Materials
Resources
Products
What is DEMAND INFORMATION?
It transforms a business’ location, departments and partners into a whole.
These are the unprocessed materials that are used to create new products.
Raw Materials
What are RESOURCES?
These are the supply of money, materials, and staff (manpower) to function effectively.
These are offered to a market to satisfy wants or needs.
Products
What are NEEDS?
Goods or services that are necessary.
What are WANTS?
Goods or services that we desire or wish.
