The Approaches and Activities of Managers in Short-Run and Long-Run

question 81

Multiple Choice

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as ________.

• A) value chain management
• B) enterprise resource planning
• C) cost management
• D) customer value management

Apply the time-value of money principle to financial decision-making.

Understand and calculate the impact of interest rates on the present and future values.

Differentiate between various types of interest (e.g., simple, compound) and their implications.

Assess the effects of changes in interest rates on savings, investments, and loan costs.

---

Definitions:

Performance Management System

A systematic process by which an organization involves its employees in improving organizational effectiveness and achieving goals.

Calibration Meeting

A meeting often held by managers to ensure consistency in evaluating employee performance, aligning ratings across different evaluators to maintain fairness.

Performance Feedback

Communication process in which employees receive evaluation on their job performance, often including both strengths and areas for improvement.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how spread out the values are from the mean.