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We present calculations of heavy quark and quarkonium production at CERN LEP2in the k_T-factorization QCD approach. Both direct and resolved photoncontribution are taken into account. The conservative error analisys isperformed. The unintegrated gluon distribution in the photon is taken from thefull CCFM evolution equation. The traditional color-singlet mechanism todescribe non-perturbative transition of heavy quark pair into a finalquarkonium is used. Our analisys covers polarization properties of heavyquarkonia at moderate and large transverse momenta. We find that the total anddifferential open charm production cross sections are consistent with therecent experimental data taken by the L3, OPAL and ALEPH collaborations. At thesame time the DELPHI data for the inclusive J/Psi production exceed ourpredictions but experimental uncertainties are too large to claim a significantinconsistency. The bottom production in photon-photon collisions at CERN LEP2is hard to explain within the k_T-factorization formalism.Comment: 25 pages, 11 figure

Heavy quark and quarkonium production at CERN LEP2: k T-factorization versus data