Experts in operations management for service industry type businesses stress:

1 answer:

5 0

The correct answer would be : training employees on quality management
Operational managers are responsible in handling all company's resource to achieve its goal. In a service industry ( like public accounting, maid cleaning services, financial adviser, etc) quality topped any other aspect of the products. That's why experts in operation management will focus on the increasing employees' quality

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Explain how firms that compete in the four different market structures determine profitability.

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Price is determined by the forces of market demand and market supply. A firm sells its output at the given price. Therefore, a firm under perfect competition is a price taker, not a price maker.

Perfect competition is a form of market where there is a large number of buyers and sellers of a commodity. A homogeneous product is sold and its price is determined by the forces of supply and demand.

The elasticity of demand for the firm's demand = Infinite Because of free entry and exit, firms, in the long run, earn only normal profits (TR = TC or AR = AC). In the extra normal profits earned, new firms will join the industry. Market supply will increase. The market price will fall. Extra normal profits will be wiped out. In case of extra normal losses, some of the existing firms will leave the industry. Market supply will decrease. The market price will increase. Extra normal losses will be wiped out.

(A). Normal profits (TR = TC or AR = AC)

(B). Extra normal profits ( TR>TC or AR>AC)

(C). Extra normal losses (TR<TC or AR <AC)

In economics, a market is a system, institution, process, social relationship, or infrastructure configuration in which parties exchange ideas. Although parties can exchange goods and services through barter, most markets rely on sellers offering goods and services (including labor) to buyers in exchange for money.

A market can be described as the process by which prices for goods and services are determined. Markets facilitate trade and enable the distribution and allocation of resources in society. Marketplaces allow the valuation and pricing of any tradeable item. Markets can arise more or less spontaneously or be consciously constructed by people

Learn more about the market here

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Cost-benefit analysis attempts to A. compare the real worth, rather than the market values, of various goods and services. B. co

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<u>Letter D is correct. C</u>ompare the benefits and costs associated with any economic project or activity.

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A cost-benefit analysis is a business approach used to ascertain the main strengths and weaknesses of an organization as a whole. This includes the process of all organizational activities, transactions, and other substantial requirements for the company. The purpose of this approach is to compare the benefits and costs associated with the organization's activities and find ways to reduce costs, time and maximize earnings.

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Managerial efforts to boost a company's stock price should entail such actions as

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<span>The proactive efforts of company managers to boost the stock price of the company should, of a necessity, include such actions as raising the company's dividend each year (ideally by at least $.05 per share) and repurchasing shares of common stock.</span>

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What are business letters

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Professional letters for business

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Which of the following describes a self-managed team?A. Workers are trained to do all or most of the jobs in the unit.B. Workers

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A. Workers are trained to do all or most of the jobs in the unit

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A self-managed team is a group of employees that's responsible and accountable for all or most aspects of producing a product or delivering a service. Traditional organizational structures assign tasks to employees depending on their specialist skills or the functional department within which they work

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