Business Process Re-Engineering Is a Radical Approach to Managing Costs

question 32

True/False

Business process re-engineering is a radical approach to managing costs that involves a complete rethink of the processes undertaken, to achieve major improvements in cost and quality.

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Definitions:

Productivity

The efficiency with which an individual, organization, or economy can convert inputs into useful outputs.

Henry L. Gantt

An American mechanical engineer and management consultant famed for developing the Gantt chart, a graphical scheduling tool for project management.

Differential Piece-rate Plan

A compensation system where workers are paid based on the quantity of items produced, with rates varying according to achieved efficiency thresholds.

Minimum Wage

The lowest legal hourly pay for workers, set by government regulation.