In business, production is the process of transforming inputs into outputs. In manufacturing, it refers to the creation of products from raw materials through the use of machines, tools and labor. In other industries, such as construction or agriculture, production may refer to the assembly or growth of goods.
The goal of production is to create value for the company by providing goods or services that customers want at a price they are willing to pay. To be successful, businesses must carefully manage their production processes so that they are efficient and effective in using resources while still meeting customer demand.
Production management is a broad field that covers many different aspects of business operation and decision-making. It includes planning and scheduling activities, coordinating workers and resources, monitoring progress and quality control.
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