"The Interests of One Person Should Never Take Precedence Over

question 140

Multiple Choice

"The interests of one person should never take precedence over what is best for the company as a whole" is an explanation of which of Fayol's principles of management:

• A) Unity of command
• B) Unity of direction
• C) Subordination of individual interest
• D) Discipline

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Definitions:

Annual Profit

The total revenue of a business minus total expenses over the course of a year, indicating the financial performance and health of the business.

Demand Patterns

Observable trends or behaviors in customer demand over time, influencing inventory management and production planning.

Payoff Table

A decision-making tool used in business and economics to display the outcomes (or payoffs) of different strategies or decisions under various states of nature.

Expected Value Criterion

Represents a decision-making approach that utilizes the weighted average of all possible outcomes, considering the probabilities of each outcome to assess the best decision under uncertainty.