Competency Is Defined as Measurable and Observable Skills, Abilities, or Knowledge

question 2

True/False

Competency is defined as measurable and observable skills, abilities, or knowledge that an employee requires before being promoted.

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Definitions:

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced.

Variable Costs

Costs that change in proportion to the level of activity or volume of production in a business.

Fixed Costs

Fixed costs refer to expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.

Total Costs

The aggregate amount of money spent on producing goods or services, covering both stable and changeable costs.