Discuss the Five Steps Involved in Developing a Management Succession

question 101

Essay

Discuss the five steps involved in developing a management succession plan.

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Definitions:

Wage Disparity

The difference in wages between groups of workers, often based on gender, age, or race.

Wage Differentials

The differences in wage rates due to the variations in the skill level, occupation, region, and other factors affecting compensation.

Diminishing Returns

The principle stating that as one factor of production is increased while others are held constant, a point will eventually be reached where additions of the factor yield progressively smaller increases in output.

Value Added

The increase in worth of a product or service as a result of a particular stage of production or as it moves through the supply chain.