The Significance of Manufacturing

TLDR: In this paper, the authors provide a synoptic account of the world economy, impact of globalization, and importance of the process of manufacturing, which is a process which is much more than simply converting some raw materials into finished products by means of processes.

Abstract: Manufacturing is a process which is much more than simply converting some raw materials into finished products by means of processes. The transformation must be accomplished quickly, easily, economically, and efficiently. The resulting product must not only be of acceptable quality but desired by the end user, the customer. This chapter provides a synoptic account of the world economy, impact of globalization, and importance of the process of manufacturing. Efficiency and economies of scale are critical for competitiveness in the global market. Globalization is leading the surge for output and only the countries that have the knowledge to apply manufacturing technologies efficiently will remain competitive. A country rich in resources but without the manufacturing know-how is unlikely to prosper, while countries that are resource poor but have this knowledge will grow rich. The global output continues to rise and at a faster pace as the consumer markets around the world get bigger and bigger. This presents both emerging and established economies with an unprecedented opportunity to boost national prosperity by efficiently producing high-quality products that are needed and wanted. Any shortcoming in achieving this outcome results in the loss of competitiveness in the global market. It is critical to realize that manufacturing must be efficient. The basic concepts involved in the overall understanding of product design, development, and the manufacturing process are discussed.