This article throws light upon the four main considerations to be kept in mind for increasing the productivity of resources. The considerations are: 1. Material 2. Labour 3. Plant, Equipment and Machinery 4. Land and Buildings. Consideration # 1. Material: Industries in which the cost of raw material is a big percentage of the cost of finished goods, higher productivity [...]
After reading this article you will learn about the concepts and input output model of production system. Concept of Production System: The production system is a part of a larger system - the business firm. The production system can be viewed as a framework or skeleton of activities within which the creation of value can occur. Briefly, the difference between [...]
Products may be classified as:- 1. Convenience Goods 2. Shopping Goods 3. Specialty Goods 4. Industrial Goods. Type # 1. Convenience Goods: Convenience goods such as cigarettes, candy bars, blades, magazines etc. All these items are found clustered around the checkout stand of food stores, and food, of course, is usually a convenience good. Convenience goods are placed so that [...]