production and technology

8/3/2019 Production and Technology

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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.html


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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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production and technology

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