Outsourcing

Define outsourcing.

• The process by which businesses or other organizations develop international influence or start operating on an international scale
• The action of making or manufacturing from components or raw materials, or the process of being so manufactured.
• A practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally.

Which of the following is not correct about "outsourcing?"

• It involves a company hiring another country to do certain work activities.
• It can reduce labor costs.
• It increases costs of producing goods/ services.
• Outsourcing countries are often in developing companies.

Which of these is not a benefit of outsourcing jobs?

• Residents in other countries learn about a company’s product

• Workers in the UK. lose their jobs

• A company makes a larger profit because the cost of labour is lower.

When you hire someone outside your company to do work it is called

• outfitting
• IT
• insourcing
• outsourcing

What is an offshore location?

• Located in a different country.
• Located in a different state.
• Located in a different continent.
• Located by a body of sea.

What are the FOUR main reasons to outsource

• Save Time, Save Money, Obtain Specialist Knowledge, Use Less Physical Resources

• Save man hours, Spend More Money, Obtain Specialist Knowledge, Use Less Physical Resources

• Save Time, Save Money, Obtain Specialist Knowledge, use more Physical Resources

• Save Money, Save Time, Do the work yourself, use more Physical Resources