What Is the First Step in the Performance Measurement Process

question 6

Multiple Choice

What is the first step in the performance measurement process?

• A) measuring performance
• B) assessing the impact of performance behaviours
• C) defining performance in behavioural terms
• D) rewarding positive performance behaviours

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Definitions:

Wages

Payments made to laborers or employees for their work or services, typically provided on an hourly, daily, or piecework basis.

Pauper Labor Fallacy

The incorrect assumption that lower production costs in countries with cheaper labor will always harm the economy of wealthier countries by taking away jobs.

Comparative Advantage

The ability of an individual or country to produce a certain good or service at a lower opportunity cost than others.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service at a lower cost per unit than competitors.