Contingency Planning Is a Preview Method,a Way to Prepare a Response

question 103

True/False

Contingency planning is a preview method,a way to prepare a response to an imaginary set of otherwise unanticipated external forces.Without contingency planning the only response is after-the-fact in a reactive mode.

Know the advantages of recruiting outside an organization and bringing in fresh ideas.

Understand the steps and objectives of the interviewing and selection process within organizations.

Understand the roles and responsibilities in the job selection process.

Differentiate between open-ended and closed-ended questions and their application.

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Definitions:

Product Cost

The total costs incurred to create a product, including direct materials, direct labor, and manufacturing overhead expenses.

Product Cost

The total cost associated with making or acquiring a product, including direct materials, direct labor, and manufacturing overhead.

Period Cost

Expenses that are incurred in a specific accounting period but not directly tied to the production process, such as administrative and selling expenses.

Direct Cost

Expenses that can be directly traced to the production of specific goods or services, such as raw materials and labor.