The Final Step That Managers Need to Take to Achieve

question 80

Multiple Choice

The final step that managers need to take to achieve control over organizational activities is to

• A)measure actual performance.
• B)establish measurable standards of performance.
• C)perform tests to confirm consistency.
• D)compare actual performance against established goals.
• E)evaluate the results and take corrective action.

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Definitions:

Total Cost

Represents the complete sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

ATC

Average Total Cost, refers to the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.

Long Run

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

Output

The total amount of goods or services produced by a person, machine, factory, country, etc., within a given period.