In Terms of Estimating Costs and Benefits for a New

question 9

Multiple Choice

In terms of estimating costs and benefits for a new HRIS, the critical time period is:

• A)the first six months to one year
• B)the first two years
• C)the first 5 years
• D)the first 8 - 10 years

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Definitions:

Equilibrium

A state where supply and demand balance each other, and as a result, prices become stable.

MU/P

Marginal Utility per Price, a concept in economics that represents the additional utility or satisfaction obtained per unit of expenditure.

Consumer Behavior

The examination of the ways in which individuals, groups, and entities choose, purchase, utilize, and discard products, services, ideas, or experiences to fulfill their wants and needs.

Marginal Utility

The change in satisfaction or utility a consumer receives from consuming an additional unit of a good or service.