Managing a Knowledge-Intensive Workforce Is Very Challenging

question 47

Multiple Choice

Managing a knowledge-intensive workforce is very challenging. The best way for a firm to manage their workforce is to

• A) retain knowledge workers.
• B) attract the brightest employees.
• C) balance efforts in the attraction, selection, and retention of top talent.
• D) weed out less effective employees.

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Definitions:

Risk-Averse

The characteristic of preferring to avoid risk, opting for lower but more certain returns over potential higher but uncertain returns.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Marginal Utility Curve

A graphical representation showing how marginal utility depends on the quantity of the good or service consumed.

Risk Aversion

The tendency of individuals to prefer outcomes that are certain or less risky over outcomes that are uncertain, even if the uncertain outcomes might offer a greater expected return.