Comparing Actual Results to the Results of Competitors and Comparing

question 55

Multiple Choice

Comparing actual results to the results of competitors and comparing actual results to industry standards would be an example of

• A) promoting goal congruence and coordination.
• B) motivating managers.
• C) providing feedback.
• D) benchmarking.

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Definitions:

Opportunity Cost

The value of the best alternative that is forgone when a choice is made between several mutually exclusive alternatives.

Bowed Outward

Describes a curve (such as in production possibilities frontier) that shows increasing opportunity costs for producing two goods.

Capital

Assets with monetary value, including cash and commodities, which are utilized to produce income or accumulate wealth.

Opportunity Costs

The financial loss associated with rejecting the next most favorable option during decision-making.