Types of Control (Scenario)

question 64

Multiple Choice

Types of Control (Scenario)
Sam has not been receiving the information that he needs from his current control system. By the time Sam receives his reports, the activity has been completed and mistakes have already been made. Direct supervision is used extensively on the production floor now, so some activities are corrected before they become costly mistakes. But Sam would like to do better. Ideally, he would like to fix mistakes before they happen and anticipate more of the problems before they occur.
-Ideally,Sam would like to use more ________ control.

• A)applied
• B)feedforward
• C)concurrent
• D)feedback

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price.

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to change.

Supply Curves

Graphical representations illustrating the relationship between the price of a good and the quantity of the good that producers are willing to supply.