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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)
ABC Aircraft uses 2,000 drill bits annually. Each drill bit costs $50 and each order ABC places costs $30. The annual carrying rate is 20% of unit cost. ABC has contracted with the
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Radovilsky Manufacturing Company, in Hayward. California. Makes flashing lights for toys. The company operates its production facility 300 days per year. It has orders fo about 12,
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Public sector unions now account for more than half of union members, while the private sector accounts for less than half. Why has this change occurred?
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• Summarize how this chapter is of value to two of the following individuals: o A new business owner of a residential and commercial carpet cleaning service o The executive d
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