
a
Interpretation: Changes in multifactor productivity and by what percentage are to be calculated.
Concept Introduction: Multifactor productivity is used to indicate the ratio of goods and services produced to many or all resources. It might be the value of the output divided by the sum of labor, overhead cost and materials.
b
Interpretation: Changes in labor productivity and by what percentage are to be calculated.
Concept Introduction:Labor productivity: It is defined as an index that calculates output relative to input used to produce it. It is usually expresses as the ratio of output to input.
c
Interpretation: Changes in weekly profits are to be calculated.
Concept Introduction: Profit is the reward earned for taking risks in business. It is calculated by subtracting revenue from cost.

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Chapter 1 Solutions
Operations Management: Processes and Supply Chains, Student Value Edition Plus MyLab Operations Management with Pearson eText -- Access Card Package (11th Edition)
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- 1. Define risk management and explain its importance in a small business. 2. Describe three types of risks commonly faced by entrepreneurs. 3. Explain the purpose of a risk register. 4. List and briefly describe four risk response strategies. (5 marks) (6 marks) (4 marks) (8 marks) 5. Explain how social media can pose a risk to small businesses. (5 marks) 6. Identify and describe any four hazard-based risks. (8 marks) 7. Mention four early warning indicators that a business may be at risk. (4 marks)arrow_forwardState whether each of the following statements is TRUE or FALSE. 1. Risk management involves identifying, analysing, and mitigating risks. 2. Hazard risks include interest rate fluctuations. 3. Entrepreneurs should avoid all forms of risks. 4. SWOT analysis is a tool for risk identification. 5. Scenario building helps visualise risk responses. 6. Risk appetite defines how much risk an organisation is willing to accept. 7. Diversification is a risk reduction strategy. 8. A risk management framework must align with business goals. 9. Political risk is only relevant in unstable countries. 10. All risks can be eliminated through insurance.arrow_forward9. A hazard-based risk includes A. Political instability B. Ergonomic issues C. Market demand D. Taxation changesarrow_forward
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