Question 3 Define productivity Compare single factor productivity mea...

Question 3 Define â€œproductivityâ€. Compare single factor productivity measure with total factor productivity measure. What do we mean when...

60.1K

Verified Solution

Question

Operations Management

Question 3
Define â€œproductivityâ€.
Compare single factor productivity measure with total factorproductivity measure.
What do we mean when we say productivity is a â€œrelativeâ€measure?
Various financial data for the past two years follow. Calculatethe total factor productivity and the single-factor productivitymeasures for labor, capital, and raw materials for this company forboth years. What do these measures tell you about thiscompany?
Last Year
This Year
Output:
Sales
$201,005
$202,015
Inputs:
Labor
$30,010
$40,010
Raw materials
$34,775
$44,785
Energy
$4,870
$5,890
Capital
$49,700
$49,700
Other
$1,870
$3,005

Answer & Explanation Solved by verified expert

4.1 Ratings (645 Votes)

a Productivity is the measure of production with respect to one or more inputs Productivity is calculated by dividing the output by one or more inputs Eg If an organization produces 120 units of a product by using 60 labour hours its productivity shall 120 60 ie 2 units per labour hour b A singlefactor productivity measure is productivity with respect to one input So if an organization is able to produce and sell products worth 1000 by using 500 of material cost the single factor productivity for See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

		Last Year	This Year
Output:	Sales	$201,005	$202,015
Inputs:	Labor	$30,010	$40,010
	Raw materials	$34,775	$44,785
	Energy	$4,870	$5,890
	Capital	$49,700	$49,700
	Other	$1,870	$3,005

Question 3 Define â€œproductivityâ€. Compare single factor productivity measure with total factor productivity measure. What do we mean when...