Which of the Following Is the First Step in Kotter's

question 11

Multiple Choice

Which of the following is the first step in Kotter's eight-step plan for implementing change?

• A) Create a new vision to direct the change and strategies for achieving the vision.
• B) Communicate the vision throughout the organization.
• C) Establish a sense of urgency by creating a compelling reason for why change is needed.
• D) Plan for, create, and reward short-term "wins" that move the organization toward the new vision.
• E) Form a coalition with enough power to lead the change.

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Definitions:

Internal Rate

Typically refers to the internal rate of return (IRR), which is a financial metric used to estimate the profitability of potential investments.

Payback Period

The amount of time it takes for an investment to generate cash flows sufficient to recover its initial cost, commonly used to assess the feasibility of projects.

Operating Assets

Cash, accounts receivable, inventory, plant and equipment, and all other assets held for operating purposes.

Discount Rate

The interest rate used in discounted cash flow analysis to present future cash flows in terms of their present value, important in investment and financial decision-making.