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There's no such thing as a manufacturing firm. However, there's manufacturing factories. These factories work to convert raw materials into edible and finished goods.
Value adding.
Manufacturing specifications define the processes and methods necessary to produce a given product; including converting raw materials, components, or parts into WIPs (work-in-process) or finished goods.
Primary Manufacturing is taking raw materials (from Primary Industry) and using them to make industrial materials. Then, these would go under another process called Secondary Manufacturing that uses these products and turn them into finished goods.Ex: trees > wood > lumber > chair
Manufacturing and industries are related but not the same. Manufacturing specifically refers to the process of converting raw materials into finished products through various processes, such as assembly, production, and fabrication. Industries encompass a broader category that includes manufacturing as well as other sectors such as agriculture, services, and technology. Therefore, while all manufacturing is part of industry, not all industries involve manufacturing.
Manufacturing
manufacturing
There's no such thing as a manufacturing firm. However, there's manufacturing factories. These factories work to convert raw materials into edible and finished goods.
manufacturing is to make or process a raw material into a finished product to manufacture is the act or process of producing something so there is no difference just that manufacturing is a verb & manufacture is a noun
Finished goods are goods that have completed the manufacturing process but have not yet been sold or distributed to the end user.
Manufacturing firms typically hold inventories of raw materials, components, work-in-process, and finished goods. Retailers and wholesalers also hold inventories of finished goods for sale to customers.
WIP is Work in Progress/Process. Not raw material or finished goods but in between.
A company that receives raw materials, then processes these materials in a manufacturing process that produces a finished product. Picture an automobile assembly line.
Mass production of interchangeable parts
Value adding.
The manufacturing process typically follows these key steps: Design and Planning: Create detailed designs and plans for the product, including specifications and prototypes. Material Acquisition: Source and procure the raw materials necessary for production. Production: Transform raw materials into finished products through various processes such as machining, assembling, and finishing. Quality Control and Packaging: Inspect the finished products for quality, followed by packaging for distribution.
During the manufacturing process, once the product is finished, a quality control process is usually followed where defects are detected--hence defect detection.