Your Company Has Decided to Use Video Conferencing as the Preferred

question 1

Multiple Choice

Your company has decided to use video conferencing as the preferred training method. As a training expert, you are very much aware that this method of training has one main shortcoming. How would you mitigate this potential shortcoming?

• A) by ensuring trainees know how to use the system given it is complex
• B) by having a facilitator on site
• C) by having trainees from different levels of the organization in the same location
• D) by keeping the number of trainees to a maximum of ten in any one location

Recognize the importance of cost classification in management practices for service entities.

Identify commonalities and differences in the value chains of service firms and merchandising entities.

Understand overhead cost components in service firms and their implications on pricing and cost management.

Understand the importance of managing service costs in service businesses for monitoring efficiency and planning resource requirements.

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Definitions:

Rational Person

An individual who systematically and logically evaluates options to make decisions that maximize their personal benefit or utility.

Present Value

The present worth of a sum of money or series of cash flows anticipated in the future, calculated using a certain rate of return.

Consumption Plan

An outline of how individuals or households intend to allocate their income towards consumption goods and services over a period.

Interest Rate

The cost of borrowing money or the reward for saving it, typically expressed as a percentage of the principal amount per year.