Question

13. In your opinion, what are the three more important resources to manage in an organization? Explain in detail the logic of your answer.

14. Concepts such as ‘socio-technology,’ ‘technology-structure,’ ‘technology-system;’ what do they have in common? Provide examples

15. Provide an example of Competitive Advantage and of Comparative Advantage. Explain the difference between them.

Answer 1

13. In my opinion, the following are the three more important resources in an organization. Those are:

• Customers: Customers are solely responsible for the growth of any organization. Without satisfying the needs of customers, it is difficult for any company to grow. Through customer and customer satisfaction the company gets the revenue. Through revenue, the company runs smoothly. Hence customer is one of the most important resources for an organization.
• Human resources: Human resources refers to the employees or the talent of the company. Human resources can be referred as the lifeblood of any organization. The human resources collaborate all other resources and satisfy the need of customers.
• Finance: Finance is another important resource for any company. Finance is made up of debt and equity capital. Without finance or fund, it is impossible to run a business. For smooth management and running fund is essential. If the fund is not utilized properly, the company's performance may be affected. In the long run, the organization may incur losses. Hence proper allocation and utilization of funds are essential.

14. Socio-technology: Socio technology can de be defined as the interaction between society's complex infrastructure and human behavior. It is an approach to interact between the people and the technology in an organization. Example: The operating system can be an example of socio technology.

Technology system: Technology system is a system that takes the inputs and provides the outputs. Example: In excel a set of data is given, the excel tools use the data analyses and simplifies.

Technology- Structure: Technology structure can be defined as the organization and its technological need structure. IT networks and systems have an architecture to manage the company. The infrastructures, functions and technological operation are examples of technology-system.

15. Competitive advantage- Competitive advantage can be defined as the leverage of the business over its competitors. It can be achieved by building capabilities. Example: te technological advancement and innovation is the competitive advantage of Apple.

Comparative advantage- Comparative advantage can be defined as the capability of an organization to produce a product at a cheaper price than its competitors. It can be achieved by keen observation and proper utilization of resources. Example: An product can be manufactured in the USA at $50, whereas the same product can be manufactured in China at $30. Here, China has a comparative advantage over the USA.