Final answer:
Outsourcing is the tool that a company can use to manage its live external operations, allowing them to access specialized expertise and cost-effective labor markets.
Step-by-step explanation:
The tool that a company can use to manage its live external operations is outsourcing. Outsourcing is the process of hiring outside contractors, sometimes abroad, to perform tasks that a company once performed internally. It allows companies to access specialized expertise and cost-effective labor markets to efficiently manage their operations.