Team B’s discussion of the week two objectives was enlightening. The objectives for week two include identifying production level to maximize profits, explaining balancing fixed and variable costs, and applying economic cost concepts in making business decisions. Comfortable Topics
Discussing the objectives provides a clear understanding of the objectives for Team B members. The comfort level of the team during discussions resulted in comprehensible and relevant information sharing. Each team member supports his or her input generating a constructive discussion. I was comfortable with this week’s topic. Currently working in a Business Process Outsourcing (BPO) unit, economic cost concepts are part of my daily routine. Applying economic cost concepts is crucial to my Fortune 500 Company and the clients we serve. Forecasting and cost analysis is another vital part of my business for both process improvement and staffing. Difficult Topics
I did not quite get the economic cost concepts relating to equilibrium, but after further discussion with team members the comparison was understandable on how companies apply the demand and pricing of economic concepts in business decisions. Team members provided an explanation of Wal-Mart rollback pricing, and school tax-exempt weekend. This enabled me to grasp the concept. Consequently, in my opinion, applying economic cost concepts in making business decisions is imperative for an organization within the company. In addition, the following factors are vital in decision-making pertaining to economic cost within a business profit, capital, pricing, demand, forecasting, and cost analysis. Application in the Workplace
As veterans, we can relate to how economic costs affect the military. In particular, medical cost for active duty, retired, and disabled military members. For example, the military pays injured members disability and medical expenses; however,...
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