Answered: several uses managers can make of…

Business

Management

several uses managers can make of accurate productivity measurement

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Q: For you, How Total Quality Management (TQM) affects productivity?

A: The objective of any firm would be to enhance productivity and become sustainable in the market.…

Q: Has Martin Manufacturing improved its productivity during the past year?

A: By comparing the quantity of goods and services produced (output) with the quantity of inputs needed…

Q: Compute productivity measures.

A: Productivity: Productivity is a key figure that expresses the efficiency with which goods or…

Q: What is the difference between productivity and performance? Why is it important to know the…

A: The quantity of products and services produced by a productive unit in a given length of time is…

Q: What do you understand by productivity? How would you apply the knowledge of productivity in your…

A: Productivity: It is the measure of output per unit of input i.e. the efficiency of manufacturing of…

Q: What is the difference between productivity and performance? Why is it important to know the…

A: When it comes to defining and also differentiating between productivity and performance, there is…

Q: Discuss briefly what are the components of productivity?

A: Productivity can be increased in various methods, including obtaining high-quality raw materials at…

Q: Describe what is meant by productivity and discuss the ways in which productivity can be improved?

A: Productivity is a metric that indicates the efficiency with which inputs are used to create the…

Q: Productivity matters because it determines whether the organization will make a profit, break-even…

A: Managers can influence productivity in the following ways: 1. Eliminate all the distractions at…

Q: What is the problem with the linear system of productivity?

A: A linear productivity system generally follows a step-by-step "take-make-dispose" approach. This…

Q: Explain the term productivity and also explain why it is important to organization?

A: The term "productivity" refers to ratio of output produced to available inputs in manufacturing or…

Q: a. What do we mean by productivity? b. What are the factors that drive productivity? Explain.

A: (A) Planning, coordinating, and controlling the production of products and services are crucial…

Q: Various financial data for May and June follow. Calculate the productivity metrics shown in the…

Q: What is the relationship between performance measurement and evaluation and productivity in an…

A: The relationship between performance measurement and evaluation and productivity in an organization…

Q: What is productivity and how do we measure productivity?

A: Productivity is the measure that gives clear picture about the efficiency of production.…

Q: Describe the differences between productivity and its subcomponents (total measure productivity,…

A: Productivity is a measure of economic performance that contrasts the number of products and services…

Q: First m, define productivity and explain why increasing productivity is important. Second, imagine…

A: Production management is the process of managing the requirement of material, labor, finance, and…

Q: main

A: The amount of output divided by the volume of inputs is frequently referred to as productivity. To…

Q: For an organization, how could they achieve sustainable competitive advantage through its human…

A: Competitive advantage is characterized as a condition that empowers a firm to work in a more…

Q: Describe what is meant by productivity and explain the ways in which productivity can be improved?

A: Efficiency is the ability to reduce or eliminate the wastage of resources, money, and time in an…

Q: Define what is meant by productivity and discuss the waysin which productivity can be improved.

A: The productivity measures the efficiency of the inputs that are used in the production of the…

Q: What is a single productivity factor?

A: Productivity is a commonly overlooked idea. The main explanation is that, on a macro and micro…

Q: Discuss the relationship of efficiency and effectiveness and how to achieve this.

A: Efficiency is a degree of the number of resources compulsory to accomplish the output, for example,…

Q: Describe the three factors critical to productivity improvement?

A: Productivity is a key yardstick on which business efficiency is measured; the more output achieved,…

Q: What are the methods to measure and improve productivity? Explain in detail.

A: Productivity is a measure of how efficiently and effectively resources are used to produce goods or…

Q: Create a list of the factors that can affect productivity as well as specific strategies for…

A: The ratio of input to output is referred to as "productivity." Every company will strive to maximize…

Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

Explain in two or three paragraphs several uses managers can make of accurate productivity measurement.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.

Similar questions

What is the difference between productivity and performance? Why is it important to know the difference?
What is meant by the term productivity paradox and why the discussion on that topic has faded .
2. What is productivity? Describe the factors of productivity.
Mr. Smart is working by employing skilled workers. He is considering the introduction of some incentive scheme - either Halsey Scheme or Rowan Scheme of wage payment for increasing the Employee productivity to cope with the increased demand for the product by 10%. He feels that if the proposed incentive scheme could bring about an average 5% increase over the present earnings of the workers, it could act as sufficient incentive for them to produce more and he has accordingly given this assurance to the workers. As a result of the assurance, the increase in productivity has been observed as revealed by the following figures for the current month: RO 30 are the Hourly rate of wages (guaranteed), Average time for producing 1 piece by a worker at the previous performance is 20 seconds (This may be taken as time allowed), No. of working hours per day for each worker is 480 minutes and the worker worked for 360 minutes and his actual production during the day was 1,550 units. Calculate bonus…
Discuss the difference between production and productivity ?
(b) Productivity is related with outputs and inputs. i) List ONE example of outputs and inputs each. ii) Derive the productivity Equation using outputs and inputs
Analyze the level of productivity at the company,along with the productivity variables.how can the company improve its level of productivity? explain thoroughly.