Question

Importance of production function in operations management

Answer 1

Answer:

It may be stated that the production function offers vast scope for achieving productivity with effective management of materials and lead time, and with better control of cost, a firm will be able to bring out more output from a given input at reasonable cost.

_________❤️

Answer 2

The answer is stated below:

Explanation:

• Operation management is the administration of the practices of the business in order to create the highest level of effectiveness as well as efficiency, possible within the company. It is mainly concerned with converting labor and materials into goods and services.

• Production function is the function which relates to the maximum amount of the output to be obtained or produced from the given number of the units.

• Importance of production function in operations management are:

1. . Higher quality
2. More inventory
3. Shorter the new product lead time
4. Good and higher quality
5. Reduce the wastage
6. Provide flexibility
7. Better customer service

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