Assignment: Production & Technology Submitted To: Mam Kousar Yasmeen Submitted By: Group 3 Members:

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

Production and Technology

Production: Application of resources such as people and machinery to convert materials into finished goods and services. A body massage performed by a masseuse is production 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.

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.

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 Entrepreneurship Profits

Planning the Production Process:

Choose what goods or services to offer customers.

 Convert original product ideas into final

specifications.
Design the most efficient facilities to produce those

products.

Production & New Technologies: The development of ice cream varieties of chocolate products in the confectionery industry - an example of food technology. Application of Information and Communications Technology to a wide range of production method.

The Impact Of Technology On Production:

Technology is the knowledge of using tools and machines to do tasks more efficiently.Technology today has a great importance on production. Every advancement on technology makes the production easier, quicker and at a low cost. When technology advances so does the production of units increase which causes the average variable cost, which is the costs that vary with the quantity produced, to decrease. Also as the production increases, the fixed cost is spread over more units, causing the average fixed cost to also decrease.

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 Redundancies

ISO Standards:
International Organization for

Standardization (ISO) - mission is to promote the development of standardized

products to facilitate trade and cooperation across national borders.

Representatives from more than 146

nations.
ISO 9000 series of standards sets

requirements for quality processes.

Nearly half a million ISO 9000 certificates

have been awarded to companies around the world.

ISO 14000 series also sets standards for

operations that minimize harm to the environment.


ExAMPLES:
The production of electricity is the best example of production & technology.

Production OF Electricity:
Hydro Power Thermal Power Nuclear Power Solar Power Wind Power