Which of the Following Is a Negative of Family Businesses

question 8

Multiple Choice

Which of the following is a negative of family businesses?

• A) Close communication among family members
• B) Long-range thinking by leaders of the firm
• C) Lack of knowledge among those outside the firm
• D) None of these are correct.

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Definitions:

Management By Objectives (MBO)

An organizational enhancement strategy that involves setting clear targets, mutually agreed upon by employers and their workers, to boost overall performance.

Project Life Cycle

The series of phases that a project goes through from its initiation to its closure, including planning, execution, monitoring, and completing.

Management By Objectives (MBO) Cycle

The Management By Objectives (MBO) Cycle involves setting clear, specific objectives mutually agreed upon by management and employees, with progress periodically reviewed and rewards based on goal achievement.

Performance Appraisal

A systematic evaluation of employees' performance in their job roles, typically used for informing decisions on promotions, pay raises, and training needs.