After reading this article you will learn about the equation for production function. Production function is concerned with the creation of a product. It establishes the relationship between the quantity of output furnished or given out by a productive process and the quantities of different inputs used in that process. Algebraically a production function can be written as: y = [...]
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 [...]