Michael Porter's Five Forces Model Is a Well-Known Model That

question 111

True/False

Michael Porter's Five Forces model is a well-known model that helps managers isolate forces in the external environment that are potential threats.

---

Definitions:

Direct Labour

The cost associated with employees who are directly involved in the production process.

Standard Hours

The amount of labor time that is expected to be spent on a particular task or to produce a specific quantity of goods under normal conditions.

General Ledger

A comprehensive record of all financial transactions over the life of a company.

Direct Labour Time

The actual time workers spend on the production floor directly working on products or services.