How Much Time Must Be Saved to Justify a Lock-Box

question 35

Multiple Choice

How much time must be saved to justify a lock-box system that processes 350 checks per day at an average amount of $400 per check if the system will cost $20,000 annually and interest rates average 8%?

• A) 0.56 days
• B) 1.79 days
• C) 2.14 days
• D)7.00 days

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Definitions:

Cross-functional

Involves collaboration among team members with different expertise and from various departments within an organization to achieve common goals.

Virtual Teams

Groups of people who work together across time, physical space, and organizational boundaries via electronic communication technologies.

Uniqueness Advantage

A competitive advantage that a company or entity possesses due to its unique characteristics, making it stand out in the market.

Organizational Boundaries

The defined edges that distinguish the scope, responsibilities, and operations of an organization from its environment.