So you have a new, improved, business model in mind – this is an important step towards success for any business. It is time to find the Factors of Production Worksheet answers to your problems. This worksheet is designed to simplify and list your production processes. It can also help improve and expand your business.
Just to be clear, we will define Factor 1 as the most important part of any process. They are used by the buyer to make a purchasing decision. The buyer asks: “What is the most important part of the process? “, and Factor answers are provided based on these variables. So, to help you, we will give a quick rundown of the factors of production that are listed on this worksheet.
First, the Factor is measured by input/output. There is a relationship between the input and the output of the process. This is the single most important factor.
Second, the Factor is measured by the number of people required to complete the process. The number of people required for each process will vary. This is usually a product of market research or other inputs.
Third, the Factor is measured by the level of output. How much value is created by the process? It can be measured with production output data, but this can be accomplished without having to get a manual.
Fourth, the Factors are measured by the environment. There are four aspects to this environment. They are heat, cold, noise, and vibration.
Fifth, there are three different forms of the factors of production. These are completed work, completed materials, and non-completed work. All four are created through the use of tools and equipment.
Finally, what do you do with the finished factors of production you have? Is it an asset, a liability, or can it be used as a building block? Based on the three factors above, you will want to determine the best course of action to take.