Discuss the Importance of Feedback

question 31

Essay

Discuss the importance of feedback. Give examples of positive, corrective, and negative feedback.

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Definitions:

Break-Even Point

The financial point at which total costs equal total revenue, meaning there is no profit or loss.

JIT Inventory

Just-In-Time inventory is a management strategy that aligns raw-material orders from suppliers directly with production schedules to reduce storage costs.

Fixed Cost Margin

The portion of a company's revenue left over after covering its fixed costs, reflecting the operational efficiency and pricing strategy.

Contribution Per Unit

The amount of money left from the sale of one unit after deducting the variable costs associated with the product's production and sale.