What is production system? Explain it with an example. Discuss the characteristicsof a production system

A production system is a system that takes inputs and transforms them into outputs. It's a series of operations and processes through which resources, such as materials, labor, and capital, are converted into products or services.

For example, consider a bakery. The inputs are the raw materials like flour, sugar, eggs, and the labor of the bakers. The production process involves mixing these ingredients, baking them, and then packaging the finished goods. The output is the baked goods like bread, cakes, and pastries that are sold to customers.

Characteristics of a production system include:

1. Input: This is what is put into the system to get the output. It can be raw materials, labor, capital, and information.

2. Process: This is the conversion of inputs into outputs. It involves a series of operations and procedures.

3. Output: This is the result of the production process. It can be a product or a service.

4. Feedback: This is information about the output that is used to adjust the input and the process to improve the output.

5. Control: This is the management of the input, process, and output to ensure that the output meets the desired quality, quantity, and cost.

6. Environment: This is the external factors that affect the production system. It can be economic, social, political, technological, and legal factors.

7. Objectives: These are the goals of the production system. It can be to maximize profit, minimize cost, improve quality, increase market share, and satisfy customer needs and wants.