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:

Numerical Data

Information expressed in numbers, allowing for mathematical operations to be performed.

Quasi-experimental Research

A research method that seeks to establish a cause-and-effect relationship, without the full control or random assignment found in true experimental designs.

Preexisting Groups

Groups that have been formed before the implementation of a study, not generated by random assignment or manipulation by the researcher.

Random Assignment

A method of assigning individuals or units to different groups in an experiment using randomization to ensure every participant has an equal chance of being placed in any group.