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Questions
What is outsourcing?
What is meant by outsourcing?
Explain the meaning of the following:
Outsourcing
Explain
Short Answer
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Solution 1
Outsourcing is the process of contracting a business function or any specific business activity to specialized agencies. Mostly, the non-core areas, such as sanitation, security, household pantry, etc., are outsourced by the company. The company makes a formal agreement with the agency.
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Solution 2
Outsourcing is contracting with or obtaining goods and services from external providers that were previously performed in-house, allowing firms to reduce costs, access specialized skills, improve efficiency, and focus on core activities; common forms include business-process outsourcing, IT services, and manufacturing services.
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Chapter 5: Emerging Modes of Business - Exercise [Page 111]
