GENERAL KNOWLEDGE

Detailed explanation-1: -1. Production Offshoring. Also known as Business Process Outsourcing (BPO), this involves the actual relocation of the physical manufacturing process overseas, usually at a much lower cost in terms of labour and materials.

Detailed explanation-2: -Outsourcing is when a company negotiates a contract with a third party to perform a specific function. When outsourcing a process or operation, it is vital to find a company or person that specializes in the task at hand. However, offshoring is when a company sends in-house jobs to be performed in another country.

Detailed explanation-3: -Business process outsourcing (BPO) is a business practice in which an organization contracts with an external service provider to perform an essential business function or task.

Detailed explanation-4: -Outsourcing is also used by companies to dial down and focus on the core aspects of the business, spinning off the less critical operations to outside organizations.