Identify major procedures in the manufacturing cycle of a business

Identify major procedures in the manufacturing cycle of a business

Expert Solution

Major procedures in the manufacturing cycle of a business are -

1. Product Design - Under this stage, design of the product is created which is aligned according to the needs of the customers and recent market trends. Then the cost of the product is identified and minimized.

2. Planning and Scheduling - Under this stage, it is planned that how the demands and orders of the customers will be met on time and Scheduling the time according to that. It is also determined that there is no shortage of material and stock.

3. Production operations - Under this stage, production operations are carried out as per planning of production. All the necessary activities are carried out by workers and different personnel. The production operations are supervised under hierarchy system.

4. Cost accounting - Under this stage, data regarding goods sold, cost of goods sold and other expenditure is collected, evaluated and monitored. This is done to take decisions regarding the price to be set, any variance to be monitored, to find any discrepancy.

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