Question

You own a company that produces jewelry with attractive, popular designs but uses resources that makes the product too expensive for most potential buyers. Which of the following would you do to increase efficiency?

Answer 1

To increase efficiency, arrange a deal with the supplier to lower the cost of the resources

Explanation:

Through increasing efficiency, a business can lower its costs and increase its profitability. Production and efficiency are distinct. The output is the quantity made by a company in a certain period of time. Efficiency processes how much every employee produces over time.

But every business is different, that is, it doesn't operate for all businesses and organisations by a boiler plate process. Nevertheless, you should apply general principles to many different firms and conditions in order to improve the productivity of your business, irrespective of the sector in which it is based.