As Part of the Controlling Process,you Have Finished Measuring the Performance

question 32

Multiple Choice

As part of the controlling process,you have finished measuring the performance of your team.What must you do next?

• A)take corrective action
• B)compare measured performance to standards
• C)establish unit of measure to gauge performance
• D)modify past plans
• E)restructure control systems and subsystems

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Definitions:

Consumer Surplus

The disparity between the ideal payment consumers are ready to make for a good or service and the real amount paid.

Total Expenditure

The overall amount of money spent by individuals, households, or an economy on goods and services over a specific period of time.

Snob Effect

Negative network externality in which a consumer wishes to own an exclusive or unique good.

Bandwagon Effect

Positive network externality in which a consumer wishes to possess a good in part because others do.