Define optimal efficiency How is optimal efficiency achieved in production?
Optimal efficiency is a term used to describe the condition when a production is producing the best it can with what it has at the lowest cost possible. It is achieved in production by taking all of the production's waste product and dividing the waste product by the overhead costs. A sum of zero is the optimal efficiency.
production management concerns itself with the conversion of inputes into output, using physical resoruces, so asto provide the desired utility/utilities-of from, plce, possession or state or a combination thereof-to the customer while meeting the other organizational objectives of effectiveness, efficiency and adaptability.
Define management and contrast the nature of management in 1service and production industries 2private and public sector organizations?
In Das Kapital Karl Marx laid out the labor theory of value According to Marx what is a widget worth?
Depends how you define worth. In price terms, the worth of a widget would be a price proportional to it's price of production. In value terms, it would be equal to cost price (K) + the average rate of profit (P'). This is achieved through the transformation from value (the socially necessary labour required to reproduce the commodity) into price of production.
efficiency eta = output / input where output is the amount of mechanical work or energy released by a process, and input is the quantity of work or energy used to run the process. Due to the principle of conservation of energy, energy efficiency within a closed system can never exceed 100%. At a loutspeaker you have electrical Voltage as input and sound pressure as output. The efficiency of the loudspeaker is really only 1…
In mechanics, the term efficiency is the measure of the effectiveness with which a system performs.It is also stated as the ratio of a system's work output to its work input. For example, the efficiency of a real system is always less than 1 because of friction between moving parts. A machine with an efficiency of 0.8 returns 80% of the work input as work output; the remaining 20% is used to overcome friction. In…