PRODUCTION

Production

the process of converting inputs such as land, labor, and capital into saleable goods, for example shoes and cellphones

Inventory

the stock of raw materials, work-in-progress, and finished goods held by a business

Lean production

the production of goods and services with the minimum waste of resources

Job production

the production of items one at a time

Batch production

the production of goods in batches. Each batch passes through one stage of production before moving onto the next stage.

Flow production

the production of very large quantities of identical goods using a continuously moving process

Just-in-time (JIT)

a production method that involves reducing or virtually elimination the need to hold inventories of raw materials or unsold inventories of the finished product

return on assets

a financial ratio that measures how profitable an organization is in relation to its total assets