One of the Best Ways to Communicate the Business Needs

question 53

True/False

One of the best ways to communicate the business needs to employees is to show them the gap between today's current performance and capabilities and where the organization needs to be in the future to be successful.

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Definitions:

Sunk Costs

Costs that have already been incurred and cannot be recovered.

Business Strategy

It's a plan of action designed by business leaders to achieve competitive advantage and successfully compete in the market.

Average Total Cost

The total cost of production divided by the number of units produced, indicating the average cost per unit of output.

Competitive Market

An economic scenario where numerous producers and consumers interact, ensuring prices are determined by supply and demand forces without significant influence by any single participant.