Organizations That Want to Implement a High-Performance Work System Will

question 7

Essay

Organizations that want to implement a high-performance work system will tend not to use traditional job descriptions in favour of using competency analysis.Outline the three reasons why competency analysis is preferred in a high-performance work system and given one example of a core competency.

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Definitions:

Cost Of Underpricing

The financial loss incurred by selling a product or service below its market value or cost, often to attract customers or gain market share.

High Quality

Pertaining to products or services that meet or exceed customers' expectations, characterized by superior materials, workmanship, performance, and durability.

Low Price

A pricing strategy where goods or services are offered to customers at a price lower than the market average or competitors' prices.

More Elastic

Describes a situation where a product or service's demand changes more significantly in response to a change in price.