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Department must control the quantity and flow of stock, determinebappropriate methods of production, and, in today’s competitive world, look for ways to produce the good or service more efficiently
Department must forecast requirements, keep accurate records, procure financial resources from various providers, and ensure proper payment for goods and services acquired to operate the business.
Department must recruit people, train them, at times dismiss them, and determine appropriate compensation.
Department must use appropriate strategies to promote, price, package, and distribute the product or service.
The right quantity of cash and other forms of finance
required to make the product or service.
Quantity of materials, machinery, and land space
Physical Inputs
The right quality and quantity of people required to make the product or provide the service.
Human inputs
It is the business idea and the determination to turn that idea into a functioning and, ideally, thriving business
Enterprise Inputs
These are tangible products that we can physically take home.
Processes use a large proportion of land or
machinery relative to other inputs, especially labour.
Capital Intensive
These are intangible and the buyer does not physically
take them home.
Processes use a large proportion of labour relative
to other inputs
Raw materials are processed, usually by
manufacturing.
Services can be financial, leisure, healthcare, education, transport, security, and many others.
Tertiary sector
Extraction, mining, farming, shing, hunting, or even trapping
Various types of e-services and those involving IT, the media, and web-based services.
Quaternary Services