Experts in Operations Management for Service Industry Businesses Stress

question 175

Multiple Choice

Experts in operations management for service industry businesses stress:

• A) using records from accounting to determine what business to go after.
• B) relying on one's individual operation as opposed to developing partnerships.
• C) training employees on quality management.
• D) training employees to always adhere to only one way of doing things.

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Definitions:

Compensation Expense

The total cost incurred by an employer to compensate its employees, including wages, benefits, bonuses, and any other form of payment for services rendered.

Fair Value

An estimate of the market value of an asset or liability, based on current conditions and mutually knowledgeable, willing parties' transactions.

Total Compensation Cost

It encompasses the complete value of all compensatory payments and benefits provided to employees, including salaries, bonuses, and benefits.

Fair Value

Fair value is the estimated market price of an asset or liability, reflecting its current value in an orderly transaction between willing market participants.