Scenario B

question 4

Multiple Choice

Scenario B. Your organization is at a critical growth stage with regard to its technology. A team of three people have been assigned specific jobs by the CTO. The assignments are:
1. Study the key technologies which are critical for the organization. Find out which technologies are industry standards and which are currently being developed.
2. Look at other companies that are successful and identify ways in which your organization can emulate the practices of the other companies.
3. Find out what's coming in your industry. Be an "industry detective"--everything from reading up on industry reports to attending meetings and listening closely to what people are talking about.

-In the scenario described above,job 1 is an example of

• A)benchmarking.
• B)organizational culture audit.
• C)SWOT analysis.
• D)technology audit.
• E)scanning.

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Definitions:

Economic Profit

The profit a company makes after deducting both explicit and implicit costs, reflecting the total opportunity costs of its resources.

Implicit Costs

The opportunity costs of using resources that are owned by the firm or entrepreneur for one purpose instead of another, not directly paid out in cash.

Entrepreneur's Talent

is the unique skill set, creativity, and capacity to innovate and take risks that an entrepreneur brings to the economic table, instrumental in starting and growing businesses.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding the opportunity costs of resources.