Icebergs Have Been Used as an Analogy to Organization

question 11

Essay

Icebergs have been used as an analogy to organization.Explain this analogy.

Analyze the necessity of clear, certain terms in contracts and the role of agreement in contract formation.

Understand the basic concepts of probability and how it applies to investment decisions.

Learn how to calculate expected values and understand their significance in economic decisions.

Understand the concept of variance and standard deviation as measures of risk.

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Definitions:

Corrective Action

Measures taken to fix a problem or nonconformity and to prevent its recurrence.

Controls

Mechanisms or regulations put in place to guide actions or processes towards desired outcomes in an organization.

Flexibility and Creativity

Flexibility and creativity are qualities that allow individuals or organizations to adapt to change and generate innovative solutions to problems.

Hierarchical Division

The breaking down of an organizational structure into levels of hierarchy, where tasks and responsibilities are clearly delineated by rank.