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MGTA02H3 (363)
Chapter 2

MGTA04- Chapter 2 - Class 3.docx

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Management (MGT)
Bill Mc Conkey

MGTA04 Class 3 January 26 2012 CHAPTER 2 INCREASING PRODUCTIVITY AND QUALITY THE PRODUCTIVITYQUALITY CONNECTION Productivity measure of efficiency that compares how much is produced with the resources used to produce it Quality a products fitness for use in terms of offering the features that consumers wantRESPONDING TO THE PRODUCTIVITY CHALLENGE4 factors interact as quality improvement practices are implemented customers quality productivity and profitsPRODUCTIVITYMeasuring Productivity Labor Productivity partial productivity ratioreflects the general idea of productivity Compares the total annual output of goods and services with theresources used to produce that outputProductivity Among Global Competitorsvaries widely around the worldDomestic Productivitya country that improves its ability to make something out of its existing resources can increase the wealth of all its inhabitants a decline in productivity shrinks a nations total wealth ex Additional wealth from higher productivity can be shared among workers as higher wages investors higher profits and customers stable prices When productivity drops wages can be increase only by reducing profits penalizing investors or by increasing prices penalizing customersManufacturing Vs Services Productivitymanufacturing productivity is higher than service productivityservices providers increased productivity by becoming more like factories and they use modern information technology to eliminate inefficienciesIndustry ProductivityAgriculture is more productive in Canada than in many other nations because we use more sophisticated technology and superior natural res
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