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Assignment: Production & TechnologySubmitted To: Mam Kousar YasmeenSubmitted By: Group 3Members:
Ayesha Masood(106)
Qurat-ul-Ain(126)
Faizan Aslam (107)
Bilal Chishti (117)
Waseem Akbar (134)
Department Of Management Sciences
The Islamia University Of Bahawalpur
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Production and TechnologyProduction:Application of resources such as people
and machinery to convert materials into finished
goods and services.
A body massage performed by a masseuse isproduction no less than the harvesting of wild
mushrooms or the building of automobiles.Gross
domestic product (GDP) refers to the market value
of all final goods and services produced within a
country in a given period.
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Technology: Technology is the process of applying
the finding of science and other forms of enquiry to
applied situations.
Technologies significantly affect human as well as other
animal species' ability to control and adapt to their natural
environments. The human species' use of technology
began with the conversion of natural resources into
simple tools.Technology has affected society and its
surroundings in a number of ways. In many societies,
technology has helped develop more advanced economies.
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Production & Technology: Production
technology therefore involves applying the work of
researchers to develop new products and processes.
Factors of production:There arent only 2 payments of production and it
depends on which factor of production you're
talking about.
For Labour - the payment to the factor is Wages,For Capital - Interest
For land - Rent
EntrepreneurshipProfits
Planning the Production Process:
Choose what goods or services to offer customers.
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Convert original product ideas into finalspecifications.
Design the most efficient facilities to produce thoseproducts.
Production & New Technologies:
The development of ice cream varieties ofchocolate products in the confectionery
industry - an example of food technology.
Application of Information andCommunications Technology to a wide
range of production method.
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The Impact Of Technology
On Production:Technology is the knowledge of using tools andmachines to do tasks moreefficiently.Technology today has a greatimportance on production.Every advancement on technology makes theproduction easier, quicker and at a low cost. When technology advances so does theproduction of units increase which causes theaverage variable cost, which is the costs thatvary with the quantity produced, to decrease.Also as the production increases, the fixed costis spread over more units, causing the averagefixed cost to also decrease.
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Impacts of new Technology:
Benefits: Improved quality Increased productivity Lower average costs Speedier development of new product.Drawbacks: Higher fixed costs Retraining costs De-motivation RedundanciesISO Standards:
International Organization forStandardization (ISO) - mission is topromote the development of standardized
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products to facilitate trade and cooperationacross national borders.
Representatives from m ore than 146nations.
ISO 9000 series of standards setsrequirements for quality processes.
Nearly half a million ISO 9000 certificateshave been awarded to companies aroundthe world.
ISO 14000 series also sets standards foroperations that minimize harm to theenvironment.
http://www.iso.org/iso/en/iso9000-14000/index.htmlhttp://www.iso.org/iso/en/iso9000-14000/index.html8/3/2019 Production and Technology
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ExAMPLES:
The production of electricity is the best exampleof production & technology.
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Production OF Electricity:
Hydro Power Thermal Power Nuclear Power Solar Power Wind Power
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