BUAD 202 Final: BA Final Notes
Document Summary
Production process: what you think about when you talk about production. Works with marketing: must be able to determine market demand before production starts. Production: the creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge. Labor- workforce/employees (most prized asset of a corporation) Entrepreneurship the risk factor involved in production (starting business) Form utility value added by the creation of goods and services by taking raw materials and raw knowledge, and converting them into finished goods and services. Process manufacturing part of the production process that physically or chemically changes material. (ex. crude oil: has to be chemically altered) Assembly process (goes hand in hand with process manufacturing); part of production process; the putting together of components to make the final product. Continuous process- long production runs finished over time (ex. Intermittent process- production runs in short and distinct intervals and can change quickly (ex.
