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Explain Production in terms of management.
Production is any procedure or process developed to transform a set of input elements as men, capital, materials, energy and information in a specified set of output element as finished products and services in proper quantity and quality, therefore achieving objectives of an enterprise. The production essence is the creation of goods and services. Here four recognized factors of production, as:
* Nature (Land and other material resources)
* Labour (Human efforts)
* Capital (Factory tools, machinery and building)
* Enterprise (activity which organizes many factors of production)
You have a lease on an oil and gas property with 87.5% NRI that delivers your firm annual profits of $400,000 for five years, with equal production in each year (you will need to t
You know that our average weekly sales are $2,500 and the flow time is half day. Surely with this information, you should have no problem maintaining an inventory level of $400 to
The following payoff table provides profits based on various possible decision alternatives and various levels of demand at Amber Gardner's software firm: DEMAND Decision LOW
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An assembly line with a number of tasks is to be balanced. The sum of the task times is 100 minutes. The line will operate for 7 hours per day. What is the minimum number of wor
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