Answer and Explanation:
core competency of an organization comprise it's multiple resource, capabilities and skills that gives it a competitive advantage in the market. It was originated in management theory by C. K. Prahalad and Gary Hamel.
For an organization to have core competencies in manufacturing and also research and development putting it's organizational structure and culture to use, it has to:
create a flexible and somewhat independent structure for it's research and development department such that innovation is easy. Control must be decentralized and the team must come first
For the manufacturing department, an organic and participative approach should be encouraged. This would allow inclusive management such that workers are included in decision making processes. Managers should also be given more independence while workers should increasingly be empowered
the organization should also take stringent measures in employing the right people for the research and development as well as the manufacturing department such that these individuals are qualified and possess the needed expertise for their areas. Staff should equally be empowered through constant education and new skill acquisitions and be allowed to impart this knowledge on other staff by encouraging transfers in global expansion.
Prices communicate info and provide incentives to buyers and sellers. And sometimes there negotiating involved. High prices are signals to producers to produce more and buyers to buy less. Low prices are signals for producers to produce less and for buyers to buy more.
Introduction
“Project risk analysis,” as described by The Project Management Institute (PMI®), “includes the processes concerned with conducting risk management, planning, identification analysis, response, and monitoring and control on a project;./…” (PMI, 2004, p 237) These processes include risk identification and quantification, risk response development and risk response control.
Because these processes interact with each other as well as with processes in other parts of an organization, companies are beginning to measure risk across all of their projects as part of an enterprise portfolio.
Risk management can be as simple as identifying a list of technological, operational and business risks, or as comprehensive as in-depth schedule risk analysis using Monte Carlo simulation. But because risk is a driver in an organization's growth – the greater the risk, the greater the reward – the adoption of a structured enterprisewide project risk analysis program will give managers confidence in their decision-making to foster organizational growth and increase ROI for their stakeholders.
Choosing the right projects
How well an organization examines the risks associated with its initiatives, how well it understands the way that projects planned or underway are impacted by risk, and how well it develops mitigation strategies to protect the organization, can mean the difference between a crisis and an opportunity.
Examples abound of companies that have seen their fortunes rise or drop based on the effectiveness of their risk management – a pharmaceutical company makes headlines when its promising new drug brings unforeseen side effects. Or a large telecom corporation pours millions of dollars into perfecting long distance, while new technologies are presenting more exciting opportunities.
Today that pharmaceutical is distracted by lawsuits and financial payouts, finding itself with a shrinking pipeline of new drugs. The telecom, on the other hand, after using a portfolio risk management software application to rationalize and rank its initiatives, made the decision to shift its research dollars away from perfecting long distance and into developing VOIP -- rejuvenating and reinforcing its leadership position.
Answer:
a. increase in the demand for the good.
Explanation:
As we know that
In the case of normal goods, there is a positive relationship between the income and the quantity demand. If the income rises, the quantity demand is also rising and vice versa
But in the case of inferior goods, it shows an inverse relationship between the income and the quantity demand. If the income rises, the quantity demand is falling and vice versa
