The main objective of any company is to satisfy the needs of its consumers & the satisfaction of a customer chiefly depends on the quality of the product that they purchase from that company. So, making & selling quality products is as crucial for the company as getting quality products is to the customers.
Production management is concerned with the creation of products and services using a business model. They’re also relevant in service and manufacturing businesses. The application of management and concepts to the production function in a factory is referred to as production management.
Production management, in basic terms, entails the planning, coordinating, directing, and controlling of the manufacturing process. It holds a critical position at the heart of an enterprise, balancing the need to deliver value to the business (typically profit) with what consumers want and what’s technically and operationally feasible. This article aims to elaborate importance and functions of production management.
In its simplest meaning, production management means controlling, planning, organizing and directing, and executing the production activity. It can also be said as the supervision of the 6 Ms, namely Men, Methods, Material, Management, Money, Machine, Market. Production management is the efficient management of a production process.
Production management also entails decision making, such as how much costs shall be incurred in particular production practice, how much raw materials shall be supplied, what kind of machine usages shall be taken under consideration, the manpower that shall be needed for a smooth and hustle free production, etc. are to be decided by the production manager.