- production
- In the context of project financing, a defined portion of the proceeds of production up to a dollar amount. Bloomberg Financial Dictionary
* * *
production pro‧duc‧tion [prəˈdʌkʆn] noun1. [uncountable] MANUFACTURING the process of making or growing things to be sold as products, usually in large quantities:• Toshiba is increasing production of its popular line of laptop computers.
• They have plans to design a smaller submarine that could go into production (= start being produced ) by the end of the decade.
• a new plant with an annual production capacity of (= the ability to produce ) 500,000 disk drives
• Germany's high production costs
• a magnesium metal production facility (= factory )
• He was a production manager for Lockheed Corp.
• By adjusting the production process, they were able to reduce the plant's waste by two-thirds.
• Bonuses were introduced for employees meeting production targets (= aims ) .
• In August, production of passenger cars climbed 12% from a year earlier.
ˈbatch proˌduction [uncountable] MANUFACTURINGwhen a factory makes a quantity of one form of a product or part, followed by a quantity of another different form:• small batch production on a flexible manufacturing system
when a finished product is produced from basic materials in one production process:• Assembly line operation is an important feature of flow production.
diˌrect proˈduction [uncountable] MANUFACTURINGwhen someone produces all the things they need using their own efforts and skills, without the advantages of specialization (= concentrating on producing only one product) or the division of labour (= using different people to do different jobs). Direct production is more an economic model than a real production methodinˌdustrial proˈduction [uncountable] MANUFACTURINGused to talk about the total production from all industrial activities in a particular period of time:• Industrial production figures due today are likely to show that the UK manufacturing sector remains depressed.
ˌjobbing proˈduction [uncountable] MANUFACTURINGwhen a single product is made, rather than large quantities of goods:• Jobbing production is used to produce prototype models, spare parts, and countless other tailor-made pieces.
just-in-ˈtime proˌduction [uncountable] MANUFACTURINGwhen parts are delivered just before they are needed in the process of producing something:• Just-in-time production dictates that parts be delivered to a factory at the last minute. That cuts inventories and finance costs.
ˌlean proˈduction [uncountable] MANUFACTURINGwhen things are manufactured using just-in-time production methods, with the aim of zero defects (= no faults), no reworking (= working again on things that were done wrong) etc:• He wants to bring in lean production, with fewer workers and more components being subcontracted.
ˌmass proˈduction [uncountable] MANUFACTURINGwhen products are made in large numbers by machines, so that they can be produced cheaply:• The new model will become cheaper with mass production.
• The technique developed by Matsushita brings the mass-production cost down to under £3.00 per watt.
ˌprimary proˈduction1. [uncountable] ECONOMICS activities such as agriculture, fishing, and mining, rather than manufacturing:• The proportion of jobs coming from primary production is much greater in the Highlands than in the rest of Scotland.
2. [uncountable] the first stage in producing oil, metals etc, rather than producing other things from oil etc:• Aluminum producers have announced cuts in primary production of 900,000 metric tons.
3. [countable, uncountable] the process of making films, television, and radio broadcasts, or plays, or a particular film etc:• a film production company
• CBS has been discussing possible co-productions with the BBC.
* * *
production UK US /prəˈdʌkʃən/ noun [U] PRODUCTION► the process of producing commodities (= oil, metals, crops, etc.) or manufacturing goods to be sold: production costs/processes/targets »Many businesses have moved their manufacturing operations to Asia to lower their production costs.
a decline/fall/increase in production »Opec is expected to agree to an increase in production.
»energy/food/oil production
► (also Production) the department in a company that makes goods: »The launch date has been announced so it is vital that Production deliver on time.
► the amount of goods or products that are made or grown by a company or country: »UK wheat production is forecast to be 700,000 tonnes higher than last year.
»cut/expand/increase production
► the activity of organizing the practical and financial details of a film, television programme, etc.: »The production company that owns the format has made huge profits from its adoption by networks around the world.
► the act of providing something to be examined: »Refunds will only be given on production of a receipt.
→ See also BATCH PRODUCTION(Cf. ↑batch production), CONTINUOUS PRODUCTION(Cf. ↑continuous production), FACTOR OF PRODUCTION(Cf. ↑factor of production), INDUSTRIAL PRODUCTION(Cf. ↑industrial production), JOB PRODUCTION(Cf. ↑job production), JUST IN TIME(Cf. ↑just in time), MASS PRODUCTION(Cf. ↑mass production), PRIMARY PRODUCTION(Cf. ↑primary production), SECONDARY PRODUCTION(Cf. ↑secondary production)
Financial and business terms. 2012.
