The present invention relates to a versatile production system and a method of operating same. The system generates a work order so as to improve production efficiency and minimize line balance loss. The system includes working places for assembling and testing various kinds of products and line terminals installed in the working places. A communication-memory unit is attached to a product or a pallet so as to match the flow of products and information. A line host controller stores files containing information related to work contents, operators, time changes, standard parts feeding sequence, components of a product and maintenance tool. The line host controller calculates and assigns work so as to reduce the inefficient use of time and outputs work orders via the line terminals. The system monitors parameters related to time control, quality conditions and the states of operators. The system rearranges work orders and stops the system if a critical fault occurs.