What Are the Seven Management and Planning Tools

question 61

Essay

What are the Seven Management and Planning Tools?

Recognize the value of transcription in qualitative research for identifying patterns.

Understand how surveys and their specific question types (closed-ended, open-ended, Likert scales) can impact research data.

Appreciate the depth and authenticity that interviews bring to research by giving voice to participants.

Understand the relationship between financial ratios, including current ratio and quick ratio, and firm performance.

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Definitions:

Standard Deviation

A statistical measure of the dispersion or variation in a set of values, indicating how much the values diverge from the average of the set.

Safety Stock

Inventory kept on hand to protect against fluctuations in demand or supply, ensuring that there are no stockouts.

Reorder Point

The inventory level at which a new order should be placed to replenish stock before it runs out, taking into account lead times.

Lead Time

The total time taken from the initiation of a process or order until its completion or delivery.