Industrial Production Management-Free-Samples-Myassignmenthlep

Question: By selecting one of the Functional Strategies, Elaborate the task and challenges facing the Corporate Management of an International Operation in ensuring the Continuous Success of the Firm. Answer: Introduction: The application of planning something then organizing the plan and then directing the ways the plan needs to be executed and at last the controlling of the production is production management. All of these elements are referred to be the management principles of every corporate sector. Production management is interrelated with marketing policy, finance policy and the industrial policy of every business (?wik?a, 2014). Production management is not dependant on these areas but are related together. The production management is the section of the business that processes with the planning and regulating and have a resemblance with the process of transformation in any business. Aspects of production management: The most important aspect of production is to make products from the designs in the minimum low cost. A production system is included of the capital, information and other resources like time as well. The second aspect of production management is to keep an eye on the production process as production is not only done by using tools and materials but also with thinking power and planning (Holden Michailova, 2014). Production management includes the understanding of the logic behind the business and apply principles or plans according to that. Production management in terms of focuses mainly on the production of the company and it is seen that the production management has evolved a lot and hence reflects the corporate management of the firm by co-operating with the computerization, ecological control and safety. Production management also encompasses the change in the present business environment. Objectives of production management: Transparency can be another key aspect of production management. Transparency in the firm will motivate the environment and reduce the possibility of errors with the business. Another key aspect is in the management of production is the power of creating values. Creation of values helps in emphasizing the substance of the production management. The development of production management also emphasizes on the efficiency of production, human behaviour, systems of organizations and various situations which determine the success of the business. The idea of production management is highly influenced by the design of the system used for production. The two specific domains the production management emphasizes are production and the management. Production management include two dimensions, the information that states that production management includes the design of products. Results and benefits: Production management also includes an approach towards the human relation and contingency approach. Production management has an objective to produce specific product by utilizing the available resource having the minimum price and effective manpower along with required material and sources (Dima, 2013). Effective production management results in proper process of solving the problems of any organization. Production management consists of three points, the product, the service and the projects. The production management benefits the consumers, employees, investors, the suppliers, the communities as well as the nation (Dima, 2013). The production management also includes the methods of planning, estimated cost, scheduling of the execution of plans regarding production and the despatching, inspecting of the products. The production management also includes evaluation of the management itself in order to verify the contributions towards the corporate world. Challenges of production management: There are many challenges in the process of international business. International business is very hard process because of the challenges they face but still they come forward with success (Karlsson, 2016). The main challenges that the international business faces are: Globalization: The production management faces a lot of challenge for the company and needs to prove the well-being of the company on a regular basis. Globalization is a process that enhances a process of communication with other companies all over the world and reduces the number of barriers in trade and provides advancements in the information and transport technology process (Karlsson, 2016). The key factor of success on international business is the developing of creative skills as a stage of the production management. Laws and regulations: Having knowledge about the implications of taxes and trading laws as well as the legal requirements is very important challenge for any business. Business often requires engagement in cultural guidelines as well. This is a big challenge for the markets due to uncertain regulations. The best way to maintain legalization of the business is to stop engaging in any activities that can be questioned or judged (Wild, Wild Han, 2014). Currency problems: For an international business, setting price and the methods of payment is very hard and tough challenge. This is because monetary exchange has fluctuating rates that varies from time to time. The global economy can many times put any international business at stake (Wild, Wild Han, 2014). The fluctuations of monetary value lead to imbalance in the profit and transactions of business. This problem can be solved by preparing a contract stating an advance payment for the future sales. Communication problem: A good communication process is very important for any business inclusive of international business (Wild, Wild Han, 2014). The international business faces a challenge of communicating across the globe. The non-verbal form of communication can in many ways break business deals in international business. This problem can be sorted by implying business etiquette and having knowledge about the difference of culture and tradition. Political challenge: An international business always has a risk of political upholding that turns to be very hard nut to break. Countries all over the world have different political legitimacy that interrupts the process of international business. This problem can be solved by enhancing economical nationalism in the political landscape across the world. Conclusion: Production management in the international business is the role that bridges the gap between the company and other global companies. In international business, production management translates the products by their basic objectives. The international business explains the limitations and the strengths in a process of commercial specifications. The production management in the international business initiates new ideas and techniques so as to keep up their position in the global market. The main aim of the product management is the development of initiative in product development and marketing. The product management of international business is in charge of analyzing the conditions of the market and elaborating the features of the products to the world and maximize the benefits of organization References: ?wik?a, G. (2014). Methods of manufacturing data acquisition for production management-a review. InAdvanced Materials Research(Vol. 837, pp. 618-623). Trans Tech Publications. Dima, I. C. (Ed.). (2013).Industrial production management in flexible manufacturing systems. IGI Global. Holden, N. J., Michailova, S. (2014). A more expansive perspective on translation in IB research: Insights from the Russian Handbook of Knowledge Management.Journal of International Business Studies,45(7), 906-918. Karlsson, C. (Ed.). (2016).Research Methods for Operations Management. Routledge. Walker, P. H., Seuring, P. S., Sarkis, P. J., Klassen, P. R. (2014). Sustainable operations management: recent trends and future directions.International Journal of Operations Production Management,34(5). Wild, J., Wild, K. L., Han, J. C. (2014).International business. Pearson Education Limited.