What is time code

Timecode is a signal recorded with your video that uniquely identifies each frame on tape. When you capture video or audio in Final Cut Pro, you also capture the timecode signal, which is displayed in Final Cut Pro when you play back your clips.
 
Timecode allows you to recapture your footage from tape and always get the same frames. Final Cut Pro uses SMPTE timecode (developed by the Society of Motion Picture and Television Engineers), which is represented in hours, minutes, seconds, and frames, using the following format:

01:32:15:23

Means you are viewing the 23rd frame came after 01 hrs 32 mins 15 seconds.

In Final Cut Pro, timecode is used for synchronization between video and audio clip items, project interchange (such as Edit Decision Lists), and recapturing clips from tape. When you play clips, Final Cut Pro displays the media file timecode. Timecode also allows you to navigate through your sequences, and see how long your edit is.

Basics of Video Production Workflow

Before you start editing, it’s helpful to know about industry workflow. Even though no two movie projects follow exactly the same steps,there is a common workflow that almost every project follows.

 The common steps involved in a movie production are as follows.

Step 1: Scripting

Scripting is where the movie is conceived and written.

Step 2: Pre production

In this step budgeting, casting, location fixing, equipment & format selection, andstory boarding,etc are executed.

Step 3: Production

In this step we creates the footage. ie; capturing performances using a video camera. Video and ausi are recorded here. Lighting, cinematography, acting, and directing all takes place to tell the story. For convenience, scenes are usually shot out of order. They have to be properly arranged during editing..

Step 4: Post-Production

In this step, we organize and assemble our production footage, putting
scenes in proper order, selecting the best takes, and eliminating unnecessary elements.
Production sound is synchronized with the picture, edited, sometimes rerecorded, and
mixed. Music is composed and added. Footage is color-corrected and special effects are
created. The final movie is output to tape, film, or some other high-quality media format.
Final Cut Pro or any other editing software is used in this step.

Step 5: Distribution

Distribution is when you release a movie for viewing. This may involve theater screenings, video and DVD releases, festival submissions, or web delivery.