The Production Process
The raw materials needed in the process of production
LAND
The provision of a product to satisfy wants and needs.
Production
When goods are not moving or being processed in any way
Waiting
A business use more portion of machinery than labor
Capital-intensive production
Introduction of machines into production methods
Mechanisation
Capital
How a business measures its efficiency / The output per worker per hour
Productivity
Producing goods before they have been ordered by customers - resulting in high storage costs
Overproduction
A production method that focuses on eliminating the need to hold inventories of raw materials by delivering the raw materials just before the production process happens
JIT (Just-In-Time)
The use of advanced technology to make a production method work automatically without employee control.
Automation
Human resource needed in the process of production
Labor
It is the difference between the cost of inputs and the final selling price of the product or service
Value added
Any action including stretching movements of the employees and moving machineries
Motion
A production method used to follow the customer's specific requirement (instruction)
JOB PRODUCTION
Contactless payments
Someone who organizes the process of production (land, labor and capital)
Enterprise / Entrepreneur
A variety of techniques / A production technique used by businesses to cut down on waste of resources to increase efficiency
Lean production
Using complex machinery to perform simple tasks
Over-processing
Similar products are made in groups based on certain characteristics: size, colors, or types
Batch production
This device is used when customers checkout their order and it displays the price and description of the items ordered.
Electronic Point of Sale (EPOS)
What is the term to represent the land, labor, capital and enterprise?
Economic resources / Factor inputs / Factors of production
A continuous improvement of workers through the elimination of waste
KAIZEN
Any faults require the goods to be fixed and time can be wasted inspecting the products
Defects
Large quantities of an identical product are produced in a continuous process (mass production). E.g. Cars manufacturing
Flow production
The use of software and computer-controlled machinery to automate a manufacturing process
Computer-aided manufacturing (CAM)