________ Is an Area of Business That Uses Standards That

question 66

Multiple Choice

________ is an area of business that uses standards that are necessary for the business.

• A)Competitive map
• B)Benchmarking
• C)Unusual or unique competitive factor
• D)Normal or ordinary competitive factor

Identify the role of equivocality in organizational communication and how it's managed.

Explain the process of sense-making in organizations as described by Weick.

Describe the concept of feedback (both positive and negative) and its role in maintaining organizational homeostasis.

Understand the principles of open and closed systems and their impact on organizational dynamics.

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Definitions:

Stock-Outs

Stock-outs occur when an item is no longer available for sale, typically because inventory levels have been depleted.

Periodic Inventory System

A method of inventory valuation where inventory counts and cost of goods sold calculations are made periodically at the end of a reporting period, instead of after each sale.

Cost Flow Assumptions

Accounting principles that dictate how the cost of goods sold and ending inventory values are calculated, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

LIFO

"Last In, First Out" - an inventory valuation method where the most recently produced or purchased items are recorded as sold first.