What is production?
Production is a process of value addition, which is developed to transform a set of input elements like man, raw material, capital, energy, information into finished products and services in proper quality and quantity.
“Production is the organised activity of transforming resources into finished products in the form of goods and services; the objective of production is to satisfy the demand for such transformed resources”
What are 4 types of production?
1) Unit or Job type of production
2) Batch type of Production
3) Mass Production or Flow production
4) Continuous production or Process production
