One of ValuTech's Objectives for the Year Is to Bring

question 58

Multiple Choice

One of ValuTech's objectives for the year is to bring down the firm's production costs by 5 percent. To meet this objective, managers have suggested the following alternatives:
(1) Use alternate suppliers who can provide raw materials at a lower cost.
(2) Adopt cutting-edge technology that makes the production process more efficient.
-Which of the following steps in the planning process should precede all the others?

• A) develop premises upon which each alternative is based
• B) develop plans to pursue the chosen alternative
• C) list alternative ways of reaching objectives
• D) choose the best alternative for reaching objectives
• E) A reduction in production costs leads to lower prices. F) put plans into action

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Definitions:

Reporting Requirements

Specific guidelines and regulations dictating the financial and operational information that organizations must compile and present.