Production Types and Management

Production Types

• Unit production: Manufacturing one product at a time (e.g., tailor-made suits, ships).
• Batch production: Producing a set number of identical products together (e.g., 100 loaves of bread).
• Mass production: Large quantities of identical products using assembly lines (e.g., cars, toys).
• Continuous production: Non-stop manufacturing/processing of materials (e.g., oil refining).

Production Management

• Operations management: Administering business practices to maximize efficiency in production.
• Raw materials: Basic substances used to make products.
• Inventory management: Ordering, storing, and using a business's stock.
• Production scheduling: Planning the order and timing of production activities.
• Supply chain: Network of businesses creating and delivering a product.
• Assembly line: Sequential stations where components are added to a product.
• Lead time: Total time from raw materials to finishing a product.
• Machine maintenance: Upkeep and repairs of machinery.
• Capacity planning: Determining a production facility's capacity.
• Quality assurance: Ensuring quality in the products.
• Conversion: Changing a product's form.
• Simultaneously: Happening at the same time.

Additional Production Concepts

• Revolution: Significant change in how things are done.
• Repetitive: Repeating something many times.
• Specifications: Detailed descriptions of how a product is made.
• Standardized: Conforming to a standard.
• Over-the-counter drug: Medicine available without a prescription.
• Identical: Exactly the same.
• Manufacture: Producing goods.
• Process materials: Using materials in procedures.
• Pioneer: Early leader in a field.
• Downtime: Period when a machine is not in use.
• Quality assurance: A process ensuring product quality or services meet desired standards.
• Strategic vision: Long-term plan outlining an organization's goals and objectives.
• Resource allocation: Assigning and managing resources.
• Linear workflow: Tasks performed sequentially.
• Performance measurement: Evaluating individual or organizational performance.
• Just-in-Time (JIT): Manufacturing technique minimizing inventory use.
• Lean manufacturing: Eliminating waste, maximizing efficiency in production.
• Line efficiency: Productivity of a production line compared to ideal output.
• Production yield: Percentage of raw materials successfully converted.
• Production bottleneck: A point in production slowing overall output.
• Oversee: Supervise or manage a project/activity.
• Infrastructure: Physical and organizational structures needed for operation.
• Forward: Helping something develop/improve.
• Align: Bringing something into agreement with another.
• Deficiency: Shortage of something necessary.
• Pinpoint: Precisely locating something..
• Remediate: Correcting a deficiency.
• Implement: Putting a plan into action.
• Replenish: Restocking supplies..
• Utilize: Using something for a purpose.
• Comply: Meeting requirements.
• Enhance: Improving quality.
• Multiply: Increasing in number.
• Prospective: Potential.
• Remediable: Capable of being corrected/improved.
• Performance metrics: Measuring work effectiveness.
• Square root: Mathematical concept.
• Tier: Level or category.

Financial Management in Production

• Auditing: Reviewing and examining financial credibility.
• Forensic accounting: Investigating financial crimes.
• Accounting: Preparing financial records.
• Managerial accounting: Using financial info for business decisions.
• Creative accounting: Exploiting accounting regulations for presentation purposes.
• Tax accounting: Preparing tax information.
• Cost accounting: Identifying and reporting costs.
• Bookkeeping: Recording daily/monthly transactions.
• Income statement: Reports a company's activity.
• Balance sheet: Indicates a company's financial position.
• Cash flow statement: Shows how a company uses cash.
• Intangibles: Non-physical assets.
• Accounts payable: Amounts a business owes.
• Accounts receivable: Amounts owed to a business.
• Liability: Amounts owed.
• Equity: Ownership stake in a business.
• Retained earnings: Accumulated profits.
• Goodwill: Intangible asset representing a company's value.
• Inventories: Stock of goods.
• Deferred tax liabilities: Postponed tax obligations.
• Cash equivalents: Amounts readily convertible to cash.
• Provisions: Stipulated commitments.