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Product Development by Aashi Mital, Anand Subramanian, Anoop Desai, Anil Mital

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1

The Significance of Manufacturing

Manufacturing is critical for the economic well-being of nations. 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. Globalization is leading the surge for output, and only the countries that have the knowledge to apply manufacturing technologies efficiently will remain competitive.

In this chapter, we provided a synopsis of the world economy and the impact of globalization. We discussed why it is important to pay attention to manufacturing. We also discussed the broad meaning of manufacturing; it is much more than simply converting some raw materials into finished products by means of processes. ...

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