Match the items in List – I with List – II:
| List – I (Terms / Concepts) | List – II (Description) |
| (a) Outsourcing | 1. Personal digital devices that provide information about goods and services. |
| (b) Offshoring | 2. Giving the responsibilities of providing goods and services to experts and inducting them in the company itself. |
| (c) Steroids | 3. Putting up factories to create goods and services in other countries other than the country of headquarts. |
| (d) In sourcing | 4. Giving the responsibilities to another agents to produce goods and services with certain specifications. |
| Codes: | (a) | (b) | (c) | (d) |
| (A) | 3 | 4 | 2 | 1 |
| (B) | 1 | 2 | 3 | 4 |
| (C) | 2 | 1 | 4 | 3 |
| (D) | 4 | 3 | 1 | 2 |
Correct Ans: (D)
Explanation:
In today’s globalized economy, business process concepts have evolved. Among the most common are outsourcing, offshoring, steroids, and insourcing. Let’s break each one down.
Outsourcing involves hiring external agents to perform tasks or produce goods and services. Companies choose this method to save costs or tap into specialized skills. They define the job, and the vendor delivers it based on those requirements. This creates efficiency without adding permanent staff.
Next, we have offshoring. Unlike outsourcing, the company still owns the operation but moves it to another country. For example, a U.S.-based firm might open a factory in Vietnam. The goal is to reduce production costs or be closer to target markets. It’s still the same company, just in a different location.
Steroids, in this context, refer to digital tools that accelerate communication and productivity. These include smartphones, laptops, and cloud software. They allow people to work faster and access services anytime, anywhere. In short, they “boost” business processes, just like actual steroids enhance performance.
Finally, insourcing takes a different path. Instead of handing tasks to outsiders, companies bring experts into the organization. These experts become part of the internal team. As a result, the business gains control and better integration.
To summarize:
- Outsourcing gives work to third-party providers.
- Offshoring shifts production overseas.
- Steroids represent powerful tech tools.
- Insourcing brings external expertise in-house.
Each method supports efficiency and growth in a unique way.
