ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Converting raw materials and other items into finished products
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Promoting and selling new products
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Interfacing with suppliers
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Planning shipments to customers
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Detailed explanation-1: -What Is Manufacturing? The term manufacturing refers to the processing of raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing. Manufacturing allows businesses to sell finished products at a higher cost than the value of the raw materials used.
Detailed explanation-2: -In cost accounting, conversion costs are all the costs incurred to convert raw materials into a finished good. Conversion costs include direct labor and manufacturing overhead.
Detailed explanation-3: -Secondary industry refers to industries which convert raw materials into finished products. Q. The finished products of industries are used as raw materials for other industries.
Detailed explanation-4: -“A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished products, energy, or intermediate materials that are feedstock for future finished products.”