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Factors that Contemporary Managers Must Consider When Estimating Production - Research Paper Example

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This paper "Factors that Contemporary Managers Must Consider When Estimating Production" focuses on the fact that in the world today, everything starts as an idea, which by use of available resources and through various stages, gets designed and refined to a final product. …
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Factors that Contemporary Managers Must Consider When Estimating Production
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Download file to see previous pages Conventionally, contemporary managers have been venturing into production with great anticipation for success. This paper looks into a number of important factors that contemporary managers must take into consideration when estimating production. These factors can be classified into internal and external factors. Internal factors include factors of production, production capacity and production cost. External factors, on the other hand, include consumer concerns, demand and supply, government policies and social responsibility, among others.
Among the internal factors that contemporary managers ought to take into consideration when estimating production are factors of production as aforementioned. Factors of production are the resources necessary for generating economic goods. These factors are land including all natural resources; labour including all human skill and work; capital including all assets, machinery, money, raw materials among others; and entrepreneurial ability including inventiveness, management and organizational skills as well as the readiness to take risks. It is important to note that there is a price for each of these factors – i.e. rent, wages and interest for land, labour and capital respectively, and profit for the entrepreneur.
The land is the first factor among the factors of production. It is the planet’s naturally occurring materials that are used for the production of goods and services. They include the land itself, the water, vegetation and wildlife on the surface; the nutrients and minerals in the ground as well as the air above. In economics, land means all natural agents and resources, with their sites – locations plus extensions in space. The land is space and includes several things not colloquially called lands like water and the beds under it, among others (Gaffney, n.d.).
Kuhnen (1980) refers to the land as the natural resources available without effort or modification on the part of humans.    ...Download file to see next pagesRead More
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