4.1 Production of goods and services IGCSE business studies

In this lesson I cover:

The meaning of production:

• Managing resources effectively to produce goods and services
• Difference between production and productivity
• Benefits of increasing efficiency and how to increase it, e.g. increasing productivity by automation and technology, improved labour skills
• Why businesses hold inventories
  The concept of lean production:
• how to achieve it, e.g. just-in-time inventory control and Kaizen; benefits of lean production
  The main methods of production:
• Features, benefits and limitations of job, batch and flow production Recommend and justify an appropriate production method for a given situation
  How technology has changed production methods:
• e.g. using computers in design and manufacturing