Recently, Many Organizations Have Added ________ to Their Mission Statements

question 252

Multiple Choice

Recently, many organizations have added ________ to their mission statements.

• A) a business definition
• B) a social element to reflect an ideal that is morally right and worthwhile
• C) an economic element to promote profit maximization
• D) an expanded definition of stakeholders to include its competitors
• E) their level of pricing and product quality

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Definitions:

Excess Inventory

Inventory levels exceeding the demand, leading to increased storage costs and potential obsolescence.

Operations Improvement

Operations improvement involves strategies and actions aimed at boosting the efficiency, productivity, and overall performance of the operational aspects of a business.

Inventory Management

The process of ordering, storing, tracking, and controlling inventory to ensure the right quantity and quality of stock.

Efficiency and Effectiveness

Terms that relate to the extent to which objectives are achieved (effectiveness) and the relation between the output and the resources used to produce it (efficiency).