Standardization Describes What Happens When Innovation Pushes Out the Efficiency

question 70

True/False

Standardization describes what happens when innovation pushes out the efficiency frontier in an industry, allowing for greater value to be offered through superior differentiation at a lower cost than was previously thought possible.

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Definitions:

Fact-based Meetings

Discussions or conferences where decisions and discussions are driven by data and empirical evidence rather than assumptions or opinions.

Clarification Questions

Questions asked to eliminate confusion and ensure understanding on specific matters.

Attribution of Benevolence

The assumption or belief that acts or intentions of individuals or entities are motivated by goodwill or a desire to do good.

Trust

The confidence in the reliability, truth, ability, or strength of someone or something, often essential for successful collaborative efforts.