OUTSOURCING
A company hires another company to perform a business task instead of doing it internally.
outsource
A person works independently and is hired for individual projects rather than as a permanent employee.
freelancing
To spend less money on something.
cut costs
A company or person that provides goods or services to another company.
vendor
When an employee's job is eliminated because the position is no longer needed, this is called ______.
redundancy
A company moves business operations to another country, usually to reduce costs.
offshore / offshoring
A company's employees who work directly for the company are part of its ______.
workforce
The amount of time needed to complete a task or deliver a service.
turnaround time
The process of checking products or services to make sure they meet required standards.
quality control
A company closes one department and 20 employees lose their positions because their roles are no longer required. What is this called?
redundancy
Hiring a company in a nearby country to perform business activities is called this.
nearshoring
A company decides to keep its IT department and employees instead of hiring an outside provider. What work model is this?
in-house
A company moves its customer service operations abroad because labor is cheaper. Its main goal is to ______.
cut costs
A company hires an external IT company to provide technical support. The external company is the ______.
vendor
A company has too many employees for the amount of work available. It may need to reduce its ______.
workforce
When a company decides to perform a task using its own employees rather than an external provider, it is done this way.
in-house
A graphic designer works independently and accepts projects from several different companies. What is this called?
freelancing
A client says, "We need the report within two days." They are mainly concerned about the ______.
turnaround time
A company checks every software update before releasing it to customers. This is an example of ______.
quality control
A US company hires a company in India to handle customer support. What outsourcing strategy is being used?
offshoring
A company hires another company to complete part of a larger project or contract.
subcontract
A software company hires a team in Poland to develop its product because Poland is geographically closer than India. What strategy is this?
nearshoring
A company wants to reduce expenses while maintaining productivity. Which two concepts are most directly connected to this goal?
cut costs and outsourcing?
A company chooses a vendor because it offers a lower price, but later discovers that the quality is poor. What business risk does this example demonstrate?
Poor quality control / choosing a vendor based only on cost.
A company needs a software project completed quickly and cheaply. It hires an external company in a nearby country. The company checks the work carefully to ensure standards are met. Identify three vocabulary terms that describe this situation.
Nearshoring + cut costs + quality control