GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In-housing
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Reshoring
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Offshoring
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Subcontracting
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Detailed explanation-1: -In-house refers to an activity or operation that is performed within a company, instead of relying on outsourcing. The firm uses its own employees and time to perform a business activity, such as financing or brokering.
Detailed explanation-2: -The difference between outsourcing and in-house For example, hiring a digital marketing agency is a way to outsource your social media management. Businesses outsource to save money and complete projects quickly. In-house resources, on the other hand, are your existing employees-including yourself.
Detailed explanation-3: -Outsourcing is also known as Business Process Outsourcing (BPO). This is the process of hiring another individual or company, either domestically or internationally, to handle business activities for you.
Detailed explanation-4: -Insourcing is the opposite of outsourcing. When you insource, it means you’re assigning projects to a department or people within your business, rather than hire an external party.
Detailed explanation-5: -Onshoring. Relocating work or services to lower-cost location in the company’s own country. Offshoring. Relocating work or services to third-party providers overseas.