The Process of Comparing Outputs to Previously Established Standards to Determine

question 62

Multiple Choice

The process of comparing outputs to previously established standards to determine if corrective action is needed is called

• A)planning.
• B)directing.
• C)controlling.
• D)budgeting.
• E)disciplining.

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Definitions:

Technical Rate

The rate at which technological improvement increases production efficiency, often measured as a percentage increase in output per unit of input.

Variable Factors

inputs in production that can be adjusted in the short term, such as labor and raw materials, contrasted with fixed factors like machinery.

Production Function

An equation or graph showing how output changes with variations in input factors, holding all else constant.

Decreasing Marginal

In economics, a situation where each additional unit of input results in a smaller increase in output compared to previous units.