What Are the 10 Skills of Highly Effective Managers According

question 69

Short Answer

What are the 10 skills of highly effective managers according to Whetten and Cameron?

Recognize the limitations on the ability to delegate duties and assign rights.

Understand the implications of assignments that increase risk or burden.

Describe the rights of obligors and assignees after an assignment.

Distinguish between different types of third-party beneficiaries.

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Definitions:

Cobb-Douglas

A form of production function that represents the relationship between two or more inputs (typically labor and capital) and the amount of output produced, characterized by constant returns to scale and substitution between inputs.

Constrained Optimization

The process of finding the optimal solution or outcomes within given limitations or constraints.

Maximizing Utility

Refers to the economic principle where individuals or firms seek to get the highest level of satisfaction from their resources.

Slutsky Equation

Formula for decomposing the effects of a price change into substitution and income effects.