a) The school of management that the Management of XYZ Company Limited is applying is called <em>Mathematical or Quantitative School of Management.</em>
The Mathematical or Quantitative School of Management:
- Expresses management problems in equations, mathematical symbols, and quantitative models
- Encourages wide application of computer technology, simulations, and analytics
- Introduces precision to management thinking and practice
b) The Contingency School, unlike the Mathematical School of Management:
- Recognizes that not all management processes can be expressed with mathematical symbols and formulas.
- Identifies that mathematical models cannot replace sound judgment, which requires intuition and not equation.
- States that there is no single technique to solving management problems.
- Encourages managers to use any feasible management technique to solve problems, thereby thinking outside the box.
- Emphasizes that the applications of management principles and practices (process, behavioral, quantitative, and systems) should be contingent upon the prevailing circumstances.
Thus, with Contingency School, the tools of management thinking and practice should be applied based on prevailing situations and not mathematically with equations, models, and symbols.
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The firm must ensure upgrading the departments core competencies through making sure that employees have the innate ability or skills demanded.
Firms that adopt the Cost leadership strategy does so to earn higher returns and competitive advantages through of offering of products at lowest prices in the market.
The core competencies in manufacturing and logistics includes pro-activeness, ability to handle documents properly, strategic thinking, forward thinking, logical decision-making, networking abilities etc
However, the firm must ensure upgrading the departments core competencies through making sure that employees have the innate ability or skills demanded.
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The factor that might lead to a decline in the supply of cowboy boots is the price that consumers are willing to pay for cowboy hats has increased.
<h3>What leads to a decrease in supply?</h3>
Factors other than a change in the price of A good would lead to either an increase or decrease in supply or a shift of the supply curve. Such factors include :
- A change in the price of input
- A change in the number of suppliers
- Government regulations
- Technological changes
- A change in the price of substitute goods.
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Answer:
The answer is Problem Collective.
Explanation:
Simply,
Problem collective, or a Collective action problem is a shared problem that can be cooperated and solved collectively by those who are affected by it but they fail to do so because of their "Conflicting Interests."
Conflicting interests means that the goals of each country/individual are different and in order to come to a productive conclusion, each nation/individual has to make sacrifices and changes to their objectives. But as it doesn't happen, the problem persists and gets worse eventually.
