The word production implies to us for all practical purposes as Creation of a Utility or Services.

May 29th, 2015
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Production management is a part of business management. It is also called "Production Function." Production management is slowly being replaced by operations management. The main objective of production management is to produce goods and services of the right quality, right quantity, at the right time and at minimum cost. It also tries to improve the efficiency. An efficient organisation can face competition effectively. Production management ensures full or optimum utilisation of available production capacity.

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What is Production Management? MeaningProduction management means planning, organizing, directing and controlling of production activities.Production management deals with converting raw materials into finished goods or products. It brings together the 6M's i.e. men, money, machines, materials, methods and markets to satisfy the wants of the people.Production management also deals with decision-making regarding the quality, quantity, cost, etc., of production. It applies management principles to production.Production management is a part of business management. It is also called "Production Function." Production management is slowly being replaced by operations management.The main objective of production management is to produce goods and services of the right quality, right quantity, at the right time and at minimum cost. It also tries to improve the efficiency. An efficient organisation can face competition effectively. Production management ensures full or optimum utilisation of available production capacity.Definition of Production ManagementAccording to Elwood Spencer Buffa,"Production management deals with decision-making related to production processes so that the resulting goods or service is produced according to specification, in the amount and by the schedule demanded and at minimum cost."Importance of Production ManagementThe importance of production management to the business firm:1. Accomplishment of firm's objectives : Production management he

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