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What are the advantages and disadvantages of outsourcing to Low Cost Countries (LCCS)? How can the risks of outsourcing be mitigated?
Answer
Outsourcing to Low-Cost CountriesCompanies all over the world, especially those in the developed economies outsource to low-cost countries for many reasons. Most of those reasons allude to the advantages of outsourcing operations and other functions of production to other countries. The developed economies such as the United States outsource to low-cost countries such as Mexico and China due to the low costs. These low costs countries are cheaper in terms of labour, raw materials, and taxes among other things (Gylling et al., 2015). Ideally, the culminated cost of production in low-cost countries is significantly lower than when production is conducted in high-cost countries. As such, the main reasons behind outsourcing can be judged to be the low costs associated with almost all aspects o...
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