Examlex
For an MBO system (manage by objectives) to work, the business unit attempting to implement the process must meet four criteria. What are those criteria?
Marginal Product
The increase in output resulting from the addition of one more unit of a certain input, while all other inputs are kept constant.
Units Per Period
A measure of productivity or output over a given time frame, indicating the number of units produced or sold.
Diminishing Marginal Returns
The principle that adding more of one factor of production, while holding others constant, will eventually yield lower additional outputs.
Total Product
The overall quantity of output produced by a firm from a given quantity of inputs.
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