A Management Tool That Focuses on Improving the Efficiency and Effectiveness

question 96

Multiple Choice

A management tool that focuses on improving the efficiency and effectiveness of an organization's business processes through radical change is referred to as

• A)business process reengineering.
• B)process improvement.
• C)radical analysis.
• D)activity-based management.

Define and differentiate between managerial options and strategic options.

Analyze the impact of real options in project management and decision-making.

Evaluate the decision-making process involved in exercising real options.

Assess how strategic options influence pricing strategies and competitive bidding.

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Definitions:

Conflict Management

The practice of identifying and handling conflicts in a sensible, fair, and efficient manner, with the goal of reaching a resolution that is acceptable to all parties.

Direct Confrontation

A form of communication where individuals address issues or conflicts openly and directly.

Majority Groups

Social or demographic groups that represent the largest portion of the population in a given society, often holding significant power or influence.

Competition Approach

A business strategy that focuses on outperforming competitors by developing a competitive advantage through factors like cost, product, or service.