AME U3DB Response 1 and 2Posting 1: Response
I have learned about the five types of internal economies. These include financial, purchasing, risk-bearing, managerial, and technical. From the five, I was much interested in managerial economies since it is concerned of investing on managers who can be able to improve the production of a company. If a manager does not manage well, it can easily lead to company closure. My addition question is that, what about if managers do not perform even after training? Should the company fire them or what step should the owners take? From the posting, I would like to learn more about the crucial steps that a company should be taking when there is a decrease in profit. Similarities that exist between my posts and other classmates posts is that an organization can best increase its profit by improving its production process rather than considering increasing the costs of products.
Posting 2: Response
From the posting, I have learned that companies need to find experts who can assist them to streamline the production process. Experts are the one to help or advice the organization on the type of materials or the quality of the best employees to be considered during recruitment. The production cost can be lowered by giving out contracts to suppliers who are not much expensive. When raw materials are of good quality and not too much expensive, it will assist a company to lower the cost of production and increase profit on another side. My ad…
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