To Set Pay Standards, HRM Employs _________

question 84

Multiple Choice

To set pay standards, HRM employs _________.

• A)outside consultants
• B)a national pay scale
• C)a panel of an employee's peers
• D)compensation administration

---

Definitions:

Opportunity Cost

Foregoing the prospective advantages from various other alternatives by making a single selection.

Opportunity Cost

The expense related to overlooking the next in line preferable option in the course of decision-making.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, effectively representing the benefits you miss out on choosing one option over another.

Inefficient Outcome

A result or situation in which resources are not utilized in the best possible manner, leading to potential wastage or loss.