Industrial Production and Quality Assurance
Industrial production is a term that can be defined as the measurement of the output that is produced in the industrial sector of the economy. There are numerous sectors are involved in the industrial sector such as utilities, mining, and manufacturing, etc. However, the contribution of these sectors in the GDP (Gross Domestic Product) is very small. On the other hand, these sectors are subtle to consumer needs and the interest rates. It is one of the most important tools through which the industrial sectors can calculate the future economic performance and GDP. It can also be used to determine the inflation rate of the economy. If the industrial production is increasing, then it leads to the increase in inflation rate that is because the consumption is reached at the uncontrollable level.
Industrial production can be calculated as the total volume of
the consumable or non-consumable goods that is produced by the industrial sector that includes mines, factories, utilities of electrics, periodical and book publishing, and businesses of newspaper in one country. In order to estimate the industry’s capacity, one can calculate the ratios of capacity utilization for each business sectors. In these ratios, the base year is considered as the current year i.e. 2015, and the values of that year is equal to 100%.Total high-tech production and the total manufacturing are also used in the industrial production that is termed as ratios of aggregate utilization.
Quality measurement is a tool that can give the assurance of the quality. It is one of the tools that can be used to prevent from defects or mistakes while the manufacturing of the products. One can avoid many problems by using the tool of quality assurance while providing the goods or services to the consumers. ISO 9000 is one of the standards or benchmarks that can be used to determine the quality of the products or services. ISO 9000 is defined as the tool of the quality management that can determine that whether the requirements of the quality are fulfilled by the producer or not.
Furthermore, the concept of quality assurance is used only for the physical products. The producers can apply this tool in order to verify that the products are made as per the requirements and specifications of the consumers. The producers can use the tool of quality assurance during the manufacturing process so that it cannot cause any harm to the consumers. In order to fulfill the objective regarding the production, the businesses can use the concept of quality assurance.
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