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Scenario 10-1 For Four Months You Have Been Employed as the Part-Time

question 20

Multiple Choice

Scenario 10-1
For four months you have been employed as the part-time HRM for TS Inc., a small Canadian aviation company. In the past, recruitment and selection rested on the shoulders of the president and, like most small companies, TS Inc. used employee referrals and an informal interview processes in selecting employees. Since you have been hired, you have guided management through several stages of the recruitment and selection process to hire an aircraft maintenance engineer. TS Inc. has used proper selection methods, such as screening, testing, and structured interviews, but is not sure about how to integrate the data from these various sources. In the past, the president relied on his gut feeling about applicants and made poor hiring decisions.
-Refer to Scenario 10-1. TS Inc. is aware that the selection process can be subjective and susceptible to errors. Management is particularly concerned about the aircraft maintenance engineers who have the qualifications but may be mistakenly eliminated. What is this error called?

Understand the concepts of tax incidence and how it affects market outcomes.

Analyze factors determining the actual benefit of government subsidies.

Evaluate the effects of market interventions, such as price controls, on supply and demand and overall economic welfare.

Predict the effects of prohibitions on products and their impact on market dynamics and societal welfare.

Definitions:

Supply Chain Management

The handling and oversight of a product's flow from raw material sourcing to production, storage, and delivery to customers.

Customer Orders

Requests by customers to purchase goods or services from a seller.

Supplier Performance

The assessment of a supplier's ability to meet buyer expectations, including factors such as product quality, delivery time, and compliance with terms.

Rapid Response

The ability to react quickly and effectively to unexpected situations or changes, often crucial in emergency or customer service scenarios.