Product, ByProduct and Co Product

[AngelaR]

Can you explain how they are used in OPM

[Diego79]

Product is an item which is produced by a batch.

Coproduct is one of several products produced by a formula or batch. The term is used when a
formula or batch produces more than one product. The application does not
distinguish between products and coproducts.

Byproduct is an item produced by a formula in addition to the product. Byproducts differ from
products in that you do not plan your production to make byproducts. Byproducts
can have monetary value, but generally have less monetary value than products,
and cannot have costs assigned. In some instances there can be a cost associated
with disposing of a byproduct.

[RAJOPM]

Product: Is intend to make by using Batch process

Example: to make a product called Flavoured Milk.

Co-product: It is ofcourse is a part of a Product,

Example: To make a Product called Flavoured Milk, we then extract its(Milk) creame to separate, hence Creame is a Co-Product.

By-Product: During production process, in general, the waste is treated as By-Product

Example: While making an Apple Juice, the apple peels are treated as By-Product. Which is of no use that is waste.

I think it is now clear to understand.

Raj
OPM Consultant.
Hyderabad