Difference between manufacturing and production
Manufacturing and Production, are the two terms related to conversion of raw materials into finished products. But, Have you ever wondered, what makes them different. Manufacturing is the process of transforming raw materials into ready goods, with the help of machinery. On the other hand, production alludes to the processes or methods, that converts inputs like raw material or semi finished goods, to make finished product or services, which may or may not use machinery.
Definition of manufacturing
Manufacturing is a process of producing something useful through raw materials with the help of machinery or by hands in factories. The term manufacturing is used in the industrial sector where the input is transformed into the output on a large scale. The input can be in the form of raw material, components, and parts.
The most important feature of manufacturing is the man-machine setup. The product manufactured can either be directly sold to the final consumers or other manufacturing entities to produce other items like equipment, appliances, aircraft, household, etc.
Defination of Production
The activity of transforming both material and non-material inputs into the output that create utility is known as Production. The transformation includes conversion of raw materials into work in progress and works in progress into finished goods ready for sale. Here, the material input includes raw material, components, partly finished goods, etc. and non-material goods include ideas, information, skill, art, talent, etc.
The production of goods and services employs manpower and sometimes machines. The output generated should be used for consumption, or it must possess a value so that it can be sold to the consumer.
In economics, the production of goods and services is done to satisfy human wants. There are five factors of production that are used in the activity; they are land, labor, capital and entrepreneur. The participation and coordination of all these factors can lead to a successful production.
The most important feature of manufacturing is the man-machine setup. The product manufactured can either be directly sold to the final consumers or other manufacturing entities to produce other items like equipment, appliances, aircraft, household, etc.
The activity of transforming both material and non-material inputs into the output that create utility is known as Production. The transformation includes conversion of raw materials into work in progress and works in progress into finished goods ready for sale. Here, the material input includes raw material, components, partly finished goods, etc. and non-material goods include ideas, information, skill, art, talent, etc.
The production of goods and services employs manpower and sometimes machines. The output generated should be used for consumption, or it must possess a value so that it can be sold to the consumer.
In economics, the production of goods and services is done to satisfy human wants. There are five factors of production that are used in the activity; they are land, labor, capital and entrepreneur. The participation and coordination of all these factors can lead to a successful production.
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