"Great Institutions Are Not Managed; They Are Led" - Explain

question 4

Multiple Choice

"Great institutions are not managed; they are led" - explain what this means

• A)Managers should set goals and objectives and allow their teams to determine the most appropriate manner in which to attain these goals and objectives.
• B)Managers are able to recognize the current paradigms that govern our behaviour and shift to a new paradigm.
• C)Mental pictures, usually unconscious, that serve to organize knowledge insome systematic fashion.
• D)Companies need to ensure that their entire supply chain meets reasonable working conditions and standards, at the least to protect their reputations that can be easily and quickly destroyed

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Definitions:

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal, used in accounting to ensure assets are not overstated.

Profit Margin

A financial metric used to assess a company's profitability by dividing net income by net sales, usually expressed as a percentage.

Ceiling

In accounting, it refers to the upper limit placed on the value of an asset or a group of assets, often to prevent overestimation.

Principle of Conservatism

An accounting guideline where revenue and assets are not overestimated while liabilities and expenses are not underestimated.