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What Is a Possible Future Usage for NIRS

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What is a possible future usage for NIRS?


Definitions:

Cost-reducing

Efforts or strategies implemented to lower production expenses, improve efficiency, and increase profitability.

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a person, community, or nation.

Productivity Decline

A decrease in the efficiency with which inputs are converted into outputs, often measured in terms of units produced per labor hour.

Productivity Factors

Refer to the various elements that can influence the efficiency and output of production in an economy, including technology, labor skills, capital goods, and innovation.

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