It Is Advisable to Have Management from All Levels Participate

question 42

Multiple Choice

It is advisable to have management from all levels participate in the strategy formulation process

• A) because it is a legal requirement.
• B) because collective bargaining agreements often mandate worker participation.
• C) to gain an insight as to what work needs to be done and to gain cooperation in the implementation of the strategy.
• D) because it is part of their job responsibilities to provide input regarding their respective area of expertise.
• E) because it helps boost the self-image and ego of all managers to be asked for advice.

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Definitions:

LIFO

Last In, First Out, an inventory valuation method where the last items placed in inventory are the first ones sold.

Link-Chain Method

A statistical method used for adjusting economic or financial time series data for the effects of inflation or other external factors to show real changes over time.

Dollar-Value LIFO

Dollar-value LIFO (Last In, First Out) is an accounting method used for inventory that measures the cost of inventory in dollar terms, adjusting for inflation.