In Order to Write a Concise Statement of the Organization's

question 75

Essay

In order to write a concise statement of the organization's mission,a manager must first answer the question: "What business are we in and what business should we be in?" Discuss the three question areas that must be answered by a manager in order to define the organization's business,and write a mission statement.

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Definitions:

Status Quo

The existing state of affairs; in prospect theory, the current situation from which gains and losses are calculated.

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are uncertain.

Retirement Fund

A financial arrangement designed to replace employment income upon retirement, often made up of savings or investments accumulated during an individual's working life.

Base Salary

The initial rate of compensation that an employee receives in exchange for services, excluding extra payments like bonuses or commissions.