ma3 - The Productivity Challenge Industrial production has...

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The Productivity Challenge Industrial production has steadily increased since the 1970s. Increased productivity means that manufacturers require fewer employees to produce the same amount of goods as before. A production system can be looked at in terms of inputs, processes, and outputs. Inputs refer to things like labor, capital, and management. Outputs refer to the final goods and services. Processes are the techniques and mechanisms that transform inputs into outputs. Productivity is defined as the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital) that it took to produce them. The objective of operations management is to improve productivity. For any national economy to make continuous improvements, productivity is the key. With increased productivity, the same number of people working the same number of hours can produce more. The overall U.S. economic system can be thought of in terms of inputs, processes, and outputs. Labor, capital, and management are
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This note was uploaded on 02/03/2011 for the course MAN 4504 taught by Professor Benson during the Spring '08 term at University of Florida.

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ma3 - The Productivity Challenge Industrial production has...

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