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In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by changing the variable inputs such as raw material, labour etc. So the short-run costs of production are segmented into variable and costs fixed. Oppositely in the long-run all factors can be adjusted. Therefore in the long run all costs are variable and none are fixed.
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Question 1: Explain the central theme of Scientific Management. Do you think that the scientific management enhances productivity in the organization? Give your arguments.
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explain williamsons model of managerial discretion?
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what is the importance of demand forecasting to managers
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