23. PFNNN

Question 1

What is productivity?

Answer 1

Describes a measurement of the efficiency of production in a business

Question 2

How does productivity increase efficiency?

Answer 2

By producing more output from the same level of input or producing the same level of output using a reduces amount of input to the production process

Question 3

Factors affecting Productivity?
(PETS)

Answer 3

-Prompt customer payment to improve cash flow
-Experienced personnel
-Technical expertise
-Structure with specification of personnel responsibilities

Question 4

What’s the need for investment?
(EEL)

Answer 4

-Equipment
-Economies of scale
-Labour costs

> Ensure use of updated equipement
Increase capacity and benefit from economies of scale
Increase productivity through reduction of Labour costs

Question 5

What’s the need for innovation?
(BRP- BURP without U)

Answer 5

-Best practice methods
-Return on investment
-Product range is relevant

> Ensure adoption of Best practice methods across the business
Improve knowledge of the business procedures and processes to maximise Return on investment
Ensure that Product range is relevant

Question 6

What’s the need for Research and Development (R&D)
(TCAB)

Answer 6

-Technological Innovation
-Competitive
-Advantage
-Brand recognition

> Lead to Technological Innovation
Secure Competitive Advantage
Enables the business to build strong Brand recognition

Question 7

Managerial actions that influence innovation and R&D include:

Answer 7

> Challenge to which staff are exposed
Autonomy that individual managers exercise
Resources available to support the process (FOHM)