Contingency Plans Should Be as Simple as Possible

question 118

True/False

Contingency plans should be as simple as possible.

Calculate financial advantages or disadvantages of making operational changes such as discontinuing a product or department.

Evaluate make-or-buy decisions based on comprehensive cost comparisons.

Determine the impact of special orders on profitability considering capacity and operational costs.

Understand the importance of traceable costs and common corporate costs in decision-making.

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Definitions:

Career-planning Systems

Structured programs and tools that help individuals develop and manage their career paths according to their strengths, interests, and market demand.

Forced-Distribution Method

A performance evaluation technique where employees are ranked in accordance with a predetermined distribution curve, forcing managers to identify top and bottom performers.

Disengagement Stage

The phase in a person's career, usually towards the end, where they gradually begin to withdraw from their work-related roles and responsibilities.

Establishment Stage

A phase in an individual's career where they seek to make a mark in their chosen field through steady employment and professional growth.