__________ Occurs If Revised Data Estimates Suggest That Some Other

question 21

Multiple Choice

__________ occurs if revised data estimates suggest that some other course of action should have and would have been taken if the revised data were available.

• A)Policy lag
• B)Policy regret
• C)Policy nullification
• D)Political gain

Understand the influence of global and economic trends on HR practices and the strategic planning process.

Understand how economic climate influences HRM responsibilities.

Recognize the challenges and responsibilities HR faces concerning ethical and social issues within the organization.

Identify the critical factors in strategic planning and environmental scanning.

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Definitions:

Maximin Strategy

A strategy in game theory and decision-making that aims to maximize the minimum gain that can be achieved, often used in situations of uncertainty to minimize risk.

Equilibrium

A state in which market supply and demand balance each other, and, as a result, prices become stable.

Raise Price

An action by sellers to increase the cost of goods or services, often in response to higher demand or increased production costs.

Cournot Model

The Cournot Model is an economic theory that describes an industry structure where companies compete on the quantity of output they will produce, affecting the market price.