Efficiency and Productivity

Question 1

How can you measure efficiency and productivity?

Answer 1

The GDP - total value of goods and services of a country.

Question 2

What are the six methods in order to increase efficiency and productivity?

Answer 2

1. Investment in technology
2. Increase research & development speed
3. Captial investment in equipment
4. Just-In-Time Invetory Management System
5. Training and upskilling workforce
6. Adjusting marketing stratergies

Question 3

What are the benefits of investing in technology?

Answer 3

Produces in greater quantity, consistent quality and in shorter time.

Question 4

What is the benefit of increasing research & development speed?

Answer 4

Makes it diffcult for competitiors to copy.

Question 5

What are the benefits of investing in equipment?

Answer 5

Increases productivity and production capacity.

If updating/replacing/maintaining

Question 6

What are the benefits of Just-In-Time System?

Answer 6

No need to pay for storage, no out-of-date stock and no chance of stock theft.

Question 7

What are the benefits of training and upskilling workforce?

Answer 7

Multiskilled employees - leads to flexible, creative and innovative workforce.

Question 8

What are the benefits of adjusting marketing strategies?

Answer 8

Reaches wider audience and easy accessibility.

E.g. social media