Question: production

Answer: the creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship and knowledge

Question: production managment

Answer: the term used to describe all the activities managers do to help their firm create goods.

Question: operations management

Answer: a specialized are in management that converts or transforms resources, including human resources like technical skills and innovation, into goods and services.

Question: the production process

Answer: 1. inputs 2. production control 3. outputs

Question: form utility

Answer: the value producers add to materials in the creation of finished goods and services, such as by transforming silicon into computer chips, or a butcher producing a specific cut of beef.

Question: process manufacturing

Answer: physically or chemically changed materials, such as boiling an egg.

Question: assembly process

Answer: puts together components to make a product. EX: cars

Question: continuous process

Answer: one in which long production runs turn out finished goods over time. Ex: a chemical plant.

Question: intermittent process

Answer: makes more sense when responding to a specific customers orders; production run is short and the producer adjusts machines frequently to make different products.

Question: Computer-aided design (CAD)

Answer: the use of computers in the design of products