GENERAL KNOWLEDGE

Detailed explanation-1: -Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff.

Detailed explanation-2: -Definition and Guide. Outsourcing occurs when a business pays an outside supplier to provide goods and services, rather than doing the work in-house.

Detailed explanation-3: -Outsourcing is when a company hires a third party to perform their task; in other words, when a company employs another company to fulfilling its tasks, it is termed outsourcing.

Detailed explanation-4: -As defined by Cambridge Dictionary (2022): Outsourcing is the process or a situation when the company employs a third-party provider or organization to do some work instead of using its staff or resources. Sourcing is a process of gaining goods or services from a particular place.

Detailed explanation-5: -Professional outsourcing. IT outsourcing. Manufacturing outsourcing. Project outsourcing. Process outsourcing. Operational outsourcing.