The Activities Needed to Operate a Business Can Be Divided

question 51

Multiple Choice

The activities needed to operate a business can be divided into a number of _____.

• A)fiscal policies
• B)economic indicators
• C)functional areas
• D)business cycles

Recognize the role of key suppliers and how they might bypass bidding processes.

Grasp the concept of time and material contracts and their use in projects with scoped uncertainties.

Comprehend the benefits of self-performing work versus outsourcing.

Understand the procurement process in project management, including solicitation, requests for quotes, and selection criteria.

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Definitions:

Reward Strategy

A plan designed by an organization to recognize and provide incentives to employees for their work and achievements through financial and non-financial means.

Compensation Strategy

A plan or approach for determining how employees will be rewarded for their work, including salaries, bonuses, and benefits.

Direct Pay

Compensation paid directly to employees for their work, including salaries, wages, and bonuses, not including indirect benefits like health insurance.

Indirect Pay

Refers to benefits or perks received by employees that are not part of their direct monetary compensation, such as health insurance, retirement plans, or paid time off.