Podcast
Questions and Answers
What are the five resources necessary for the operational activities of an enterprise?
What are the five resources necessary for the operational activities of an enterprise?
- Money, materials, energy, machines, and human resources
- Land, materials, energy, machines, and human resources (correct)
- Land, materials, energy, computers, and human resources
- Land, materials, electricity, machines, and human resources
What is the responsibility of management in an enterprise?
What is the responsibility of management in an enterprise?
- To perform operational activities and keep track of accounts
- To finance the purchase of land, machinery, equipment, materials, and labour
- To combine enterprise resources to achieve the highest productivity (correct)
- To plan and control the enterprise's operations
What is the importance of balancing resources in an enterprise?
What is the importance of balancing resources in an enterprise?
- It increases the value of tickets sold
- It ensures the highest productivity (correct)
- It reduces the number of complaints or rejects
- It provides convenient locations for land and buildings
What happens when management fails to harness and coordinate enterprise resources?
What happens when management fails to harness and coordinate enterprise resources?
What is the implicit factor of production or input that is used to finance the purchase of enterprise resources?
What is the implicit factor of production or input that is used to finance the purchase of enterprise resources?
Study Notes
Resources Necessary for Operational Activities
- Five essential resources needed for an enterprise's operational activities:
- Human resources (personnel and labor)
- Natural resources (raw materials and energy)
- Capital resources (financial and investment)
- Technological resources (equipment, machinery, and infrastructure)
- Informational resources (data, knowledge, and expertise)
Management's Responsibility
- Management's primary responsibility is to:
- Acquire and allocate resources efficiently
- Coordinate and utilize resources effectively
- Ensure optimal resource utilization to achieve enterprise goals
Importance of Balancing Resources
- Balancing resources is crucial to:
- Ensure sustainability and profitability
- Avoid resource waste and inefficiency
- Maintain competitiveness in the market
Consequences of Mismanaged Resources
- Failure to harness and coordinate enterprise resources leads to:
- Inefficiency and waste
- Decreased productivity and competitiveness
- Potential enterprise failure
Implicit Factor of Production
- The implicit factor of production or input used to finance the purchase of enterprise resources is:
- Capital (financial resources)
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Description
"How Well Do You Understand Key Performance Indicators (KPIs)?" Test your knowledge on the importance of KPIs in measuring and improving business performance. From customer satisfaction to resource allocation, this quiz covers the essential KPIs that both manufacturing and service enterprises should track. Sharpen your understanding of KPIs and take your business to the next level!
