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Chapter 9 - Chapter9 19:47 Production:...

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Chapter 9 19:47 Production : The creation of finished goods and services using the factors of  production: Land, labor, capital, entrepreneurship, and knowledge Production management : The term used to describe all the activities managers  do to help their firms create goods Operations management : A specialized area in management that converts or  transforms resources into goods and services Form utility : The value producers add to materials in the creation of finished  goods and services Process manufacturing : That part of the production process that physically or  chemically changes materials Assembly process : That part of the production process that puts together  components Continuous process : A production process in which long production runs turn  out finished goods over time Intermittent process : A production process in which the production run is short  and the machines are changed frequently to make different products
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