Which of the Following Steps in the Contingency Planning Process

question 58

Multiple Choice

Which of the following steps in the contingency planning process requires a specification of both the level at which an alert will be called,and the combination of events that must occur before the firm reacts?

• A)Determining probabilities
• B)Activating the contingency plan
• C)Tracking and monitoring
• D)Rank ordering the critical assumptions

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a particular input, holding other inputs constant.

Total Product

The total output produced by a firm or within an economy.

Average Product

The output per unit of input, such as the quantity of goods produced per worker.

Law Of Diminishing Returns

The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.