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S356 QM L03 (Factors affecting labour productivity (Innovation, Systems…
S356 QM L03
Define Productivity
The relationship between the quantity of output and the quantity of input used to generate that output
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Higher productivity can be achieved through efficient and effective use of resources such as labour, capital and materials in the production of various goods and services.
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Input
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Capital
Machinery and equipment (No. of machine hours; net of depreciation to account for reduced efficiency of older assets)
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