One of the More Common Mistakes in Developing Competency Modeling

question 5

Multiple Choice

One of the more common mistakes in developing competency modeling is

• A)Not making the model tie in to the strategic goals.
• B)Being too specific.
• C)Simply making a list of positive attributes.
• D)Focusing only on skills and knowledge.

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Definitions:

Cost Of Goods

The total cost of materials, labor, and manufacturing overhead expenses incurred in producing goods.

Physical Inventory

The process of counting and verifying the actual inventory on hand at a specific point in time.

LIFO Method

Last-In, First-Out, a method of inventory valuation where the most recently produced or acquired items are the first to be expensed.

Periodic Inventory System

An inventory system that updates inventory records at specific intervals, requiring physical counts to determine inventory levels.