The First Step That Managers Need to Take to Achieve

question 80

Multiple Choice

The first step that managers need to take to achieve control over organizational activities is to

• A)measure actual versus perceived performance.
• B)establish measurable standards of performance or goals.
• C)perform tests to confirm consistency.
• D)compare actual performance against established goals.
• E)evaluate the results and take corrective action.

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Definitions:

Optimal Quantity

The quantity of a good or service that maximizes efficiency or utility, often where marginal cost meets marginal benefit.

Sweatshirt Production

The process of creating sweatshirts, involving the selection of materials, design, and manufacturing.

MB < MC

This indicates a scenario where the marginal benefit of producing or consuming one more unit of a good is less than the marginal cost of producing that additional unit.

Decision Maker

An individual or entity responsible for making choices that will impact outcomes in a business or personal context.