Production is the act of creating ‘use’ value or ‘utility’ that can satisfy a want or need. The act may or may not include factors of production other than labour. Any effort directed towards the realization\of a desired product or service is a “productive” effort and the performance of such act is Production. Production systems analysis is a problem solving technique that decomposes a system into its component pieces for the purpose of studying how well those component Parts work and interact to accomplish their purpose. Accordingly systems analysis is "the process of studying a Procedure or business in order to identify its goals and purposes and create systems and procedures that will achieve them in an efficient way”. i Analysis and synthesis, as scientific methods, always go hand in hand; they complement one another. Every synthesis is built upon the results ofa Preceding, analysis, and every analysis requires a subsequent synthesis: in order to verify ang Correct its results. This field is closely related to Tequirements analysis or Operations research. It is also “an explicit formal inquiry carried out to help someone (referred to as the decision maker) identify'a better Course of action and make a better decision than he/she might otherwise have made,"Q.1. Explain the term production. OR Ans. What are the different forms of production? Production: Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility‘of individuals. Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human needs.+ The degree to which the needs are saised is often accepted ap a measure of economic wellbeing, * | production, there ate two fetus which expan increasing conomic wellbeing, They are improving qualty-price-ratio of bods and services and increasing incomes from growing and more efficient market production, ‘The most important forms of production are : (+ Market production (ii). Public production (ili) Household production . In order to understand the origin of the economic well-being, we ‘must understand these three production processes. All of them roduce commodities which have value and contribute to well-being of individuals, ‘The saisfction of needs originates from the use ofthe goods and Services which ae produced, ‘The need satisfaction increases when the uality-price-ratio of the oods and services improves and more Satisfaction is achieved at less cost, Improving the quiero of goods and serves in oa Producer an essential way o enhance the production performance Put his kind of xine distibuted o customers eanot te measured With production data, ronomic Well-being also inteases due to the growth of incomes that are gained from the growing and more efficient market Production, ake petion i te nly pod fom hich ces and distributes incomes 10 stakeholders, * Publis production anid household production are ‘inanced by the incomes generated in market Production, Thus market production ‘as a double role in creating wellbeing Le, the ole of Producing ‘goods and services and the role of crestine'incemeDEFINITION AND NATURE OF, TREY CONSTRUCTION PROJECTS © © Q7. OR OR OR (a) What Is Turnkey projects? Also explain the common and specific usage of It. What are the common and specific usages of Turnkey construction projects? Explain the term Turn-key by means of its uses, State different usage of Turn key projects with an example, Turnkey projects : A tumkey or a tumkey project is a type of project that is constructed so that it could be sold to any buyer as a completed product, This is contrasted with build to order, where the constructor builds fae to thé Buys’s cxate apebifications, o¢ wish ii incomplete Product is sold with the assumption that the buyer would complete it. A tumkey computer system is a complete computer including hardware, operating system and application(s) designed and sold to satisfy specific business requirements. Common usage : Tumkey common usage refers to something that is. ready for immediate use, generally used in the sale or supply of goods or Services. Similarly, this term may be used to advertise the sale of an tablished business, including all the equipment necessary to run it, or by a business-to-business supplier providing complete packages for business Start-up, ‘The word is a reference to the fact that the customer, upon receiving the ‘product, Just needs to tum the ignition key to make it Operational, or that the key just needs to be tumed over to the Ciena s 7(B) Turkey common w83ges are often used 10 describe a home built on the developer's land with the developer's Financing ready forthe customer 10 move in. If contractor builds a tumkey home" they frame the structure and finish ‘the interior. Everything is completed down to the cabinets and carpet. Example: Turkey common usage is commonly used in the construction industry, for instance, in which it refers to the bundling of materials and labour by Home \der or General Contractor. ILis also commonly used in motorsports to describe a car being sold with drive train (engine, transmission, etc: to contrast with a vehicle sold without one so that other components may be re-used. ‘An example would be the creation of a "turnkey hospital” which would be building a complete medical centre with installed medical ‘equipment comes under the common usage turkey, Specific usage “The term specific usage turnkey is also often used in the technology industry, most commonly to describe pre-built computer “packages” in which everything needed to perform a certain type of task (6-8. audio editing) is put together by the supplier and sold as a bundle. ‘This often includes a computer with pre-installed software, various types of hardware, and accessories. Such packages are commonly called appliances. ‘A website with ready-made solutions and some configurations is called a tumkey website ‘Turkey products are synonymous to “off-the-shelf solutions and not customized, In real estate, specific usage tumbkey is defined as a home or property that is ready for occupation for its intended purpose, Le. a home that is fully functional, needs no upgrading or repairs (move- in ready). In commercial use, a building set up to do auto repairs would be defined ns turks if it came fully stocked with all needed machinery and tools for that particular trade, ‘The tumbey process includes all of the steps involved to open a Jocation including the site selection, negotiations, space planning, ‘and construction coordination and complete installation.= leasing out to tenants, and then the sale of the property to a buyer The buyer is purchasing an investment property which is Producing a stream of income. Example : In drilling, the term indicates an arrangement where a contractor must fully complete a well up to. some milestone to receive any ‘payment (in exchange for greater compensation upon completion).