i just want to point out that usually we're talking about 2 things: 
  
1. music production - made by the artist through his creative, personal work 
2. album production - made by the label by putting the artists' production on material support and issuing the album/compilation/release. 
  
it's about the product  
  
production = process that gathers all the basic resources (capital, material, manpower, etc etc etc) and all the activities needed and to obtain the final product.