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Explain Production in terms of management.
Production is any procedure or process developed to transform a set of input elements as men, capital, materials, energy and information in a specified set of output element as finished products and services in proper quantity and quality, therefore achieving objectives of an enterprise. The production essence is the creation of goods and services. Here four recognized factors of production, as:
* Nature (Land and other material resources)
* Labour (Human efforts)
* Capital (Factory tools, machinery and building)
* Enterprise (activity which organizes many factors of production)
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If annual demand is 24,000 units, orders are placed every 0.5 months, and the cost to place an order is $50, what is the annual ordering cost?
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Describe the impact of the solicitation process and how it determines the preparation of your bid.
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Locate an organization that has used vertical integration as a supply chain strategy. Describe in detail why you believe vertical integration was/was not the appropriate strategy.
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