Give an example to illustrate that economic efficiency is ore that just meeting performance measures. Then...
- Give an example to illustrate that economic efficiency is ore that just meeting performance measures. Then explain it to either an elected official or a member of the management team.
Homework Answers
Economic efficiency implies economic state in which every resource is optimally allocated to serve every individual or entity in a best possible way while minimizing wastage and inefficiency. It is obviously more than meeting performance measures because performance measures are not the ultimate goal whereas maintaining economic efficiency is ultimate goal.
Imagine a member of management team. His task would not be just to check if he is able to reach performance measures. His talk would also include reaching ultimate goal of maintaining economic efficiency. The more he strides towards it, the better the company performance would be.
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Give an example to illustrate that economic efficiency is ore
that just meeting performance measures. Then...
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[LO11–3] Guided Example 11-3 Management of Mittel Rhein AG of Köln,
Germany, would like to reduce the amount of time between when a
customer places an order and when the order is shipped. For the
first quarter of operations during the current year the following
data were reported:
Compute the throughput time.
Compute the manufacturing cycle efficiency (MCE) for the
quarter.
What percentage of the throughput time was spent in
non–value-added activities?...
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