The Highest Priority and First Strategy Required for Any Organisational

question 31

Multiple Choice

The highest priority and first strategy required for any organisational change is to:

• A) Fire several senior executives in the organisation
• B) Introduce stress management counselling
• C) Train employees who do not possess the skills required under the new conditions
• D) Communicate the need for change and keep employees informed about what they can expect from the change effort

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Definitions:

Raw Materials

The basic materials and substances used in the initial stages of production to manufacture goods.

Standard Costs

Predicted costs associated with manufacturing or providing a service, used for budgetary control and performance analysis.

Cash Account

An account that tracks the flow of cash transactions, including all receipts and payments of cash.

Standard Cost Variances

Differences between the planned (standard) costs and the actual costs incurred.