What Has Been Shown to Permit Quick Response to Change

question 54

Multiple Choice

What has been shown to permit quick response to change, prevent panic in crisis situations, and make managers more adaptable?

• A) Auditing
• B) Implementing a Balanced Scorecard
• C) Contingency planning
• D) Taking corrective actions
• E) Measuring performance

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Definitions:

Cash Collections

The process of gathering all payments or receivables from customers over a specific period.

Accounts Receivable

Money owed to a business by its customers for products or services that have been delivered or used but not yet paid for.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including material and labor costs.

Collection Period

The average number of days it takes a company to collect payments from its credit sales, reflecting the efficiency of its credit and collection policies.