Which of the Following Is the First Step in Evaluating

question 1

Multiple Choice

Which of the following is the first step in evaluating organizational information?

• A) pinpointing the data to be analyzed
• B) evaluating the cost of data
• C) comparing value of information with its cost
• D) acquiring information
• E) increasing value or decrease cost of information

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Definitions:

Efficient Use

The optimization of resources to achieve the highest possible output or benefit with the least amount of input or waste.

P > MC

A situation in which price is greater than marginal cost, indicating potential profit opportunities for firms.

Profits Equal Zero

A situation in which a firm's total revenue is exactly equal to its total costs, resulting in no net profit.

Economies of Scale

Cost efficiencies achieved by organizations through their operational scale, with per unit cost diminishing as the scale of production grows.