Lecture notes
Investment and Productivity
- Institution
- CCEA
A look at production, what investment will do for a business and economies of scale.
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By: ocolton • 2 year ago
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Investment and ProductivityThe production process requires raw materials which have to be of a high quality as it has an
impact on the overall quality of the product.
Product must meet needs and want to ensure customers will buy it. R+D must be carried out
correctly to meet the needs/wants of customers.
Product Features:
Performance: Does what it says.
Aesthetics: How it looks and does it meet customer expectations.
Quality: Good quality that will last.
Reliability: Want it to work every time.
Quantity: Ability to produce enough and enough to meet the needs of customer demands.
Production Costs: Try to keep them low as possible. Competitive pricing-maximise profits.
Delivery Costs: Can you get it to the customer when they want it.
Plant: Building and machinery used to make the product. Meet current and future demand
efficiently as possible. If not, what modifications can be made to improve it. Has to make the
product efficiently, as possible.
Future demand: If demand rises, the business must have the ability to meet this demand. The
business may extend it to a new site.
Newer and up-to-date equipment is better as it is more efficient/ productive. For machinery to be
used most effective it has to be maintained regularly/ serviced regularly as it keeps it at its
optimum efficiency.
Process: Ensure that your process is laid out safely and efficiently as possible. Use your space to the
best as possible.
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