Production

Definition

Production is the process of transforming raw materials or inputs into finished goods or services using labor, machinery, tools, and chemical or biological processing. It's a critical function in operations management that involves planning, organizing, directing, and controlling all the aspects of manufacturing.

Related terms

Operations Management: The administration of business practices aimed at ensuring maximum efficiency within an organization, focusing on converting materials and labor into goods and services as effectively as possible.

Supply Chain Management: The handling of the entire production flow of a good or service - starting from the raw components all the way to delivering the final product to the consumer.

Quality Control: The process by which entities review the quality of all factors involved in production, aiming to maintain desired levels of excellence in the finished product