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Question Notes on Production Management (Final)

Question Notes on Production Management (Final)

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Published by Vineet Walia

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Published by: Vineet Walia on Apr 04, 2012
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Question NotesOn
ProductionManagement
By
Dr. Vineet Walia
Dr. Pradeep Tomar
 
Production Management
 Unit – 1
Question – 1
Define and explain Production & Operation Managementand What do you understand by concept of Product Management ?or
Question - 2
. Explain the concept of production and evaluation of production Management. How does a production managementcontribute to the growth of an organisation? (dec 2010)
Ans.
Production
is an intentional act of producing something in an organizedmanner.It is the fabrication of a physical object through he use of men, materialand some function which has some utility e.g. repair of an automobile, legaladvice to a client, banks, hotels, transport companies etc. Thus irrespective of thenature of organization, production is some act of transformation, i.e. inputs areprocessed and transformed into some output. The main inputs are information,management, material, land, labour and capital. Fig. shown below explains theproduction process of an organization.
Product management
is an organizational lifecycle function within a companydealing with the planning or forecasting or marketing of a product or products atall stages of theproduct lifecycle.Product development(inbound-focused) andproduct marketing(outbound- focused) are different yet complementary efforts with the objective of maximizingsales revenues, market share, and profit margins. The role of productmanagement spans many activities from strategic to tactical and varies based onthe organizational structure of the company. Product management can be afunction separate on its own and a member of marketing or engineering.While involved with the entireproduct lifecycle, product management's mainfocus is on drivingnew product development. According to the ProductDevelopment and Management Association, superior and differentiated newproducts — ones that deliver unique benefits and superior value to the customer— is the number one driver of success and product profitability.Depending on the company size and history, product management has a varietyof functions and roles. Sometimes there is a product manager, and sometimesthe role of product manager is shared by other roles. Frequently there is Profit
 
and Loss responsibility as a key metric for evaluating product managerperformance. In some companies, the product management function is the hub of many other activities around the product. In others, it is one of many things thatneed to happen to bring a product to market and actively monitor and manage itin-market.Product management often serves an inter-disciplinary role, bridging gaps withinthe company between teams of different expertise, most notably betweenengineering-oriented teams and commercial-oriented teams. For exampleproduct managers often translate business objectives set for a product byMarketing or Sales into engineering requirements. Conversely they may work toexplain the capabilities and limitations of the finished product back to Marketingand Sales. Product Managers may also have one or more direct reports whomanage operational tasks and/or aChange Managerwho can oversee newinitiatives.
 PRODUCTION PROCESS SYSTEM
 
INPUTS
MEN
MACHINES
MATERIALS
MONEY 
METHODSOUTPUTGoodsProducedOrServicesRendered
PROCESS Transformation
Control/Feedback 
PRODUCTION

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