Production, Costs, and Quality Management
Classified in Economy
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Productivity
Productivity is the measure of output relative to the inputs used to create it.
Productivity Formulas
General Productivity: Quantity of Output / Quantity of Input
Labour Productivity: Output over a Given Period / Number of Employees
Production Methods
Lean Production
Lean production encompasses techniques used to minimize waste and maximize efficiency. This can involve reducing product development time and accelerating time to market.
Kaizen
Kaizen, a Japanese term meaning "continuous improvement", emphasizes eliminating waste to enhance efficiency.
Just-In-Time (JIT)
Just-In-Time (JIT) is a production method that aims to minimize or eliminate the need for finished goods inventory. Supplies arrive precisely when needed for production.