key term - Production planning

Definition

Production planning is the process of organizing and managing all aspects of the production process, including scheduling, material management, and labor allocation, to ensure efficient operations and meet product demand. It involves setting objectives for production activities to achieve the highest efficiency possible within a manufacturing or service delivery system.

Related terms

Inventory Management:

The practice of ordering, storing, tracking, and controlling inventory to ensure that a company has the right amount of goods on hand at the right time.

Supply Chain Management:

The handling of the entire production flow of a good or service - starting from the raw components all the way to delivering the final product to the consumer.

Quality Control: The process by which entities review the quality of all factors involved in production, focusing on identifying and correcting defects before the product reaches the consumer