The term Production Management refers to the application of management principles to the production/manufacturing/assembling function in a factory or assembling unit. It involves the process of converting some raw materials/inputs into final products/outputs that can be consumed by the end user. The functionalities of production management include product design and costing, material planning, RM procurements, storage of RM, production planning, production process, Testing/quality assurance and its warehousing. Production process should also have to take care, intermediate (semi finished or sub assembly) products that will be ingredient/components of main products and by-products derived during the production process.