what is production and impotants of production
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Production management means planning, organising, directing and controlling of production activities. Production management deals with converting raw materials into finished goods or products. It brings together the 6M's i.e. men, money, machines, materials, methods and markets to satisfy the wants of the people.
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Production is an activity of utter importance for any economy. In fact, a nation with a high level of productive activities spearheads the prosperity charts. This is because raw goods, surely are valuable, but production done upon these raw goods adds up to their value or their want-satisfying power.
We are aware of the fact that utility is the want-satisfying power of any commodity or service. Evidently, the countries that have a high level of production accompanied by the production of a wide variety of goods, are termed as the golden economies.
We are aware of the fact that utility is the want-satisfying power of any commodity or service. Evidently, the countries that have a high level of production accompanied by the production of a wide variety of goods, are termed as the golden economies.
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