2. what is production and it’s meaning ?
As per Carl Heyel (16 Feb 1908 - 16 May 2000),
"Production is the process of transforming raw materials or purchased components
into finished products for sale."
Production is a process of transforming (converting) inputs (raw-materials) into outputs
(finished goods).
So, production means the creation of goods and services. It is done to satisfy human
wants. Thus, production is a process of transformation.
3. Types of production system
A. Job production system
B. Batch production system
C. Mass production system
• Job production- sometimes called jobbing or one-off production, it is characterised
by manufacturing of one or few quality of products designed and produced as per the
customer specification within prefixed time and cost.
• It requires or demands unique technological, demands processing on machines in a
certain sequence .
• batch production-as a form of manufacturing in which the job passes through the
functional departments in lots or batches and each lot may have a different routing .
• In this system limited number of products produced at regular intervals and stocked
awaiting sales .
• Mass production-manufacturing of discrete parts or assemblies using a continuous
process are called mass production .
4. What is productivity ?
Productivity is the ratio of output to inputs in production; it is an average measure
of the efficiency of production. Efficiency of production means production’s
capability to create incomes which is measured by the formula real output
value minus real input value.
5. Entrepreneurship
Introduction
Entrepreneur word has origin of French and it means
someone who identifies the profitable opportunity and
organize the business venture and assume the risk for it
and finally convert that in to profitable activity.
In olden days , entrepreneur was consider who sign the
contract and take particular responsibility. On
successful contract ,entrepreneur was being paid
some amount.
6. Today , entrepreneur is a dynamic person who
innovates, assemble inputs, select human power to
perform the required function and creates wealth for
himself as well as his society.
Entrepreneur is one who bring resources, labor,
materials, and other assets into combination that
generate greater value than resources utilized by
applying his innovative ideas.
8. DIFFERENTIATE BETWEEN ENTREPRENEUR AND
ENTREPRENEURSHIP
ENTREPRENEUR ENTREPRENEURSHIP
Entrepreneur is used to describe the
person who establish and manage
their own business.
The process of development of
entrepreneur is called
entrepreneurship.
Entrepreneurs are tangible persons
and they are the role players.
Entrepreneurship is the quality and
intangible asset of the entrepreneur.
9. ECONOMIC ORDER QUANTITY
DEFINATION:
Economics order quantity is the order quantity that minimizes total
inventory holding costs and ordering costs.
This is the one type of the classical production scheduling models.
There is always fixed cost for each order placed, regardless of the
number of units ordered . there is also a cost for each unit held in
storage sometimes expressed as a percentage of the purchased cost
of item.
The total cost associated with the purchase , delivery and storage of
the product, is minimized and respective quantity is termed as EOQ.
10. EOQ depends upon on ordering cost as well as on
storage cost.
From the we can observe that the carrying costs linearly
various according to number of quantities held as
inventory , but the ordering cost reduces as the number
of quantity increases in per order
So , according to that the total cost decreases up to
some quantities ordered but again it increases.
The figure given below shows the concept of EOQ
diagrammatically.
