Controls Can Be Classified as Belonging to One of the Following

question 2

Short Answer

Controls can be classified as belonging to one of the following classes: management controls, operational controls, technical controls, detection and recovery controls, preventative controls, and _______ controls.

Understand the concept and implications of economies and diseconomies of scale.

Calculate a firm's total economic costs including explicit and implicit costs.

Differentiate between accounting and economic profits.

Apply the law of diminishing marginal returns to short-run production scenarios.

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Definitions:

Learning And Development Activities

Educational or training initiatives aimed at enhancing the knowledge, skills, and competencies of employees for career advancement.

Costs

Expenses related to attracting recruits.

Human Resource Planning

A process used to determine future human resource requirements and the business processes that will be needed to support and enable those resources by anticipating future business demands, analyzing the impacts of these demands on the organization, determining the current availability of human resources and the applicable business processes, and making decisions on how to effectively adapt and utilize firms’ human resources.

Succession Planning

The process of identifying and preparing suitable employees through development and training to replace key players within an organization as they vacate their positions.