Beta releases have more functionality than the latest production release, but they will not be as stable or fully documented. In Beta version, software features are complete, but they might contain a number of known or unknown bugs. The focus of beta testing is reducing impacts to users, often incorporating usability testing. The process of delivering a beta version to the users is called beta release and this is typically the first time that the software is available outside of the organization that developed it. It is not suggested to use Beta version for final project delivery.
Production release is a final tested version released to users which is fully functional, debugged and ready to be used.