BUAD 202 Study Guide - Operations Management, Manufacturing Resource Planning, Program Evaluation And Review Technique
30 Oct 2014
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Document Summary
Production is a functional area within a firm. As to working closely with marketing and other functional areas. Production: the creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge. Land is not only the property but the resources under it. Capital is the money and gets your businesses started and carries it until the end or sell of something. Example: we need 1000 units of a product on the shelves by christmas. Knowledge is the information within society and competition in the u. s and internationally. Also how is the market changing and how it will affect the supplies you use as a business (supplies, market, customers) Labor restricts production: were in a recession so there are a lot of people needing jobs, can be opposite and finding good labor can be hard, economic and location forces influence your labor. External factors: laws and regulations set by governments (environmental)
