Updating Business Strategies Is a Continuous Undertaking as Internal and External

question 49

Multiple Choice

Updating business strategies is a continuous undertaking as internal and external environments ________.

• A) Become less competitive
• B) Remain stagnant
• C) Rapidly change
• D) Become more consistent

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Definitions:

Monitoring Performance

The process of continually reviewing and assessing the work performance of employees.

Incentive-Pay Plans

Compensation strategies designed to motivate employees by tying a portion of their pay directly to their performance or achievements.

Scanlon Plan

A type of gainsharing program that incentivizes employees to improve productivity through teamwork and sharing the cost savings.

Balanced Scorecard

A strategic planning and management system that organizations use to communicate what they are trying to accomplish, align daily work with strategy, and prioritize projects, products, and services.