Why Would an Organization Want to Conduct Succession Planning

question 53

Multiple Choice

Why would an organization want to conduct succession planning?

• A)Succession planning provides for business continuity and future direction during inevitable change.
• B)Succession planning supports employee resiliency and career development.
• C)Although succession planning is costly and time consuming,it increases employee commitment and motivation.
• D)Although succession planning is costly and time consuming,it increases organizational efficiency and productivity.

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Definitions:

Demand

This refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time.

Cost Data

Information related to the expenses incurred in the production of goods or delivery of services, essential for pricing, budgeting, and economic analysis.

Perfectly Competitive Markets

A market structure characterized by many buyers and sellers, homogenous products, and free entry and exit, leading to price-taking behavior.

Higher Prices

A situation where the costs of goods or services increase, which could be due to various factors including inflation, increased demand, or higher production costs.