Which Areas and Principles Can Help Firms to Navigate in the Current

question 60

Multiple Choice

Which areas and principles can help firms to navigate in the current crisis?

• A)Top management need to concentrate on cashflow and survival
• B)A comprehensive, exhaustive strategic review is called for
• C)Management needs to cut prices
• D)All of the above

Identify strategies to overcome cognitive biases and improve decision-making.

Understand the importance of reading and comprehending contracts to avoid unenforceable agreements.

Recognize that contracts are enforced according to their clear and obvious terms as determined by courts.

Differentiate between actual contracts and quasi contracts and understand their legal implications.

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Definitions:

Working Conditions

The environment and circumstances under which an employee works, including hours, environment, physical demands, and stress levels.

Performance Management

The continuing process of identifying, measuring, and developing the performance of individuals and teams and aligning performance with the strategic goals of the organization.

Positive Discipline

A strategy used in managing employee behaviors that focuses on encouraging good conduct rather than punishing bad behavior.

Sandwich Model

An educational or feedback model that involves starting and ending with positive feedback or comments, with constructive criticism in the middle.