The First Step in the Performance Appraisal Process Is to

question 368

Multiple Choice

The first step in the performance appraisal process is to

• A) perform a human resource inventory.
• B) establish performance standards.
• C) analyze the jobs to see what tasks must be performed.
• D) meet with employees and discuss the overall objectives of the firm.

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Definitions:

Production Technique

The method or process used by businesses to produce goods or services, which can vary in efficiency, cost, and quality.

Price of Labor

The wage rate or the amount of compensation workers receive in exchange for their labor.

Price of Capital

The cost of obtaining funds or resources to invest in projects, typically considered in terms of interest rates or returns required by investors.

Short-Run Costs

Costs incurred by a firm that vary with the level of output produced, typically including both fixed and variable costs within a specific time frame.