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Ramesh Sony discusses product layout, specifically focusing on assembly line balancing. He explains that physical layout involves a sequential arrangement of resources, with the main goal being to balance the assembly line by ensuring equal work distribution among stations. Cycle time and task time are crucial concepts, with cycle time being the time each workstation takes to complete a task. Tasks are indivisible elements of work, and task time refers to the time needed to complete a task by a skilled worker. The end goal of assembly line balancing is to have a product coming out every one minute.