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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)
The current order quantity for Paul's Pasta Pinwheels is 200 boxes. The order cost is $4 per order, the holding cost is $0.40 per box per year, and the annual demand is 500 boxes p
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What is Diversification? Ans: Diversification is guiding activities into different lines of business.
Describe the challenges of global virtue teams and what types of training and tools management can proactive put in place to ensure cultural differences are taken into account.
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