^{Profit maximisation can be achieved by reducing costs and/or increasing revenue. In a conversation with a colleague, she states the key factors that increase the probability of profit maximisation are management skill; a motivated and trained workforce; investment in technology and advertising. Pick these factors and discuss how they can contribute to cost minimisation and revenue maximisation.}

^{Appr 500 words}

^{What do you understand by the term opportunity cost and why is it important in business decisions}

^{appr 300 words}

^{Thank you !}