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Production Process

Production Process (Version 1.0)

Thumbnail Uploaded by Donna D White, 4/10/24 9:54 PM
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Productivity is the ratio between the quantity of output, which is the goods or services produced, and input, which refers to the labor, land, capital, energy, or other resources utilized. According to Hirschey and Bentzen, there are two major ways of measuring productivity based on the purpose of measurement or the availability of data. The first kind of measure relates the output of an economy, industry, or business to one input such as labor. For instance, the labor productivity of producing a particular line of motor vehicles would be found by dividing the volume of output by the labor utilized. Conversely, the other type of measure relates an output to various inputs, which reflects their relative importance. For instance, a weekly output of 1,000 vehicles in which a firm utilizes labor, capital, and machinery will incorporate the value of the three inputs and that of the output. Managers are involved in the planning, coordination, and control of processes that result in the goods or services. Their main role is to ensure that the production process is conducted in an efficient way and that it generates the desired level of output at the anticipated cost and degree of quality. Therefore, a manager should allocate job responsibilities and acquire the right materials to ensure that one is responsible for a smooth-running production system. A cost is an amount that is paid or given up to obtain something. McCaffrey, states that it is a monetary valuation of the material, effort, time, resources, and utilities used, opportunity relinquished, or risks incurred in the production of goods or services. There are different kinds of economic costs. Fixed costs refer to costs that do not change with the variation of output. Therefore, fixed costs such as legal and insurance costs remain the same even if no production occurs. Variable costs are those that vary based on the level of output such as the amount of rubber used in the production of car tires. Sunk costs refer to those that have been incurred, which cannot be recovered such as the cost incurred to install computer software at the initial stages. Marginal cost refers to what is incurred to produce an additional unit of a good or service such as the cost of labor and parts required to produce an additional car. The author of the article is a journalist of the Weekly Economist, project manager Plagiarismsearch.com https://plagiarismsearch.com/ Dona White
Tags: hirschey economy cost land

Version 1.0

Last Updated by Donna D White
4/10/24 9:54 PM
Status: Approved
Productivity is the ratio between the quantity of output, which is the goods or services produced, and input, which refers to the labor, land, capital, energy, or other resources utilized. According to Hirschey and Bentzen, there are two major ways of measuring productivity based on the purpose of measurement or the availability of data. The first kind of measure relates the output of an economy, industry, or business to one input such as labor. For instance, the labor productivity of producing a particular line of motor vehicles would be found by dividing the volume of output by the labor utilized. Conversely, the other type of measure relates an output to various inputs, which reflects their relative importance. For instance, a weekly output of 1,000 vehicles in which a firm utilizes labor, capital, and machinery will incorporate the value of the three inputs and that of the output. Managers are involved in the planning, coordination, and control of processes that result in the goods or services. Their main role is to ensure that the production process is conducted in an efficient way and that it generates the desired level of output at the anticipated cost and degree of quality. Therefore, a manager should allocate job responsibilities and acquire the right materials to ensure that one is responsible for a smooth-running production system. A cost is an amount that is paid or given up to obtain something. McCaffrey, states that it is a monetary valuation of the material, effort, time, resources, and utilities used, opportunity relinquished, or risks incurred in the production of goods or services. There are different kinds of economic costs. Fixed costs refer to costs that do not change with the variation of output. Therefore, fixed costs such as legal and insurance costs remain the same even if no production occurs. Variable costs are those that vary based on the level of output such as the amount of rubber used in the production of car tires. Sunk costs refer to those that have been incurred, which cannot be recovered such as the cost incurred to install computer software at the initial stages. Marginal cost refers to what is incurred to produce an additional unit of a good or service such as the cost of labor and parts required to produce an additional car. The author of the article is a journalist of the Weekly Economist, project manager Plagiarismsearch.com https://plagiarismsearch.com/ Dona White
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