When Establishing Criteria to Measure the Success of a Business,managers

question 128

Multiple Choice

When establishing criteria to measure the success of a business,managers should:

• A)focus most of their attention on measures of employee satisfaction,since without good employees the firm will not be competitive.
• B)focus primarily on financial measures,but pay some attention to nonfinancial concerns.
• C)recognize that,while financial measures are important and should be considered,the purpose of the firm is to satisfy both internal and external customers.
• D)limit their attention to financial measures such as profit and return on investment since these are the only objective and quantifiable measures available.

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Definitions:

Program Evaluation

The systematic method for collecting, analyzing, and using information to answer questions about projects, policies, or programs and their effectiveness and efficiency.

Labour Need

The requirement for a specific number and type of employees to perform tasks within an organization.

Forecast Demand

The process of estimating the future demand for goods and services within a market, often used for strategic planning and resource allocation.

Human Resource Planning Process

A strategic approach to managing an organization's most valuable assets - its human capital - by aligning workforce requirements with business objectives.