Delivering a written report to your supervisor for review serves as the best illustration of the informal communication model of communication.
Even though talking is generally mistaken for being the most common mode of communication, most exchanges are silent. Gestures, voice intonation, grins, grimaces, shrugs, nods, moving closer or farther, and crossing arms and legs all serve as additional means of communication.
In contrast to face-to-face meetings and phone calls, business letters, reports, orders, and other types of formal communication are instances of informal communication.
Formal communication typically leads to documentation, whereas casual communication usually not. Positive outlook: Positive mindset is mostly responsible for effective communication. This is due to the fact that it fosters stronger interpersonal connections and comes across as more assertive.
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Choosing which ________ to display on a marketing dashboard is critical for a busy manager, who can be overwhelmed with irrelevant data
Choosing which marketing metrics to display on a marketing dashboard is critical for a busy manager, who can be overwhelmed with irrelevant data.
What do you mean by marketing metrics?Marketing metrics are numbers that marketers can track to gauge the effectiveness of their advertising campaigns. These metrics can demonstrate how successfully your marketing initiatives are motivating audiences to take activities that produce value.
Marketing metrics are a quantitative technique to monitor performance and a crucial instrument for measuring the success of marketing campaigns.
The most important marketing metrics to track are those that will eventually have the most effects on your company's objectives, whether they are sales generated by one campaign or incremental reach by another.
Therefore, choosing which marketing metrics to display on a marketing dashboard is critical for a busy manager, who can be overwhelmed with irrelevant data.
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Amy’s Kitchen and the Organic Food IndustryWhat are a manager’s ethical and social responsibilities? The goal of this video case is to apply your knowledge of ethics and social responsibility to Amy’s Kitchen, a pioneer in the organic food industry.Amy's Kitchen is a family-owned, privately held company that manufactures organic and non-GMO convenience and frozen foods. Founded in 1987 by CEO Andy Berliner and Rachel Berliner, all of Amy's 250 or so products are vegetarian and made with organic ingredients. The organization has around $500 million in revenue a year.Assume Amy’s wants to do the greatest good for the greatest number of people. Based on this, which approach to resolving ethical dilemmas would the company most likely employ?
Multiple Choice
justice
utilitarian
universal
moral-rights
individual
The correct option is B, utilitarian approach to resolving ethical dilemmas would the company most likely employee.
Utilitarianism is a philosophical theory of ethics which states that the best action is the one that maximizes overall utility or happiness for the greatest number of people. It was developed by Jeremy Bentham and John Stuart Mill in the 19th century and is considered one of the most influential moral theories in modern times. The basic idea of utilitarianism is that the moral value of an action is determined by its outcome or consequences, rather than being based on intrinsic qualities or moral rules.
Utilitarianism also asserts that happiness is the ultimate goal of human action and that it can be quantified and measured. In making moral decisions, utilitarians weigh the costs and benefits of different actions to determine which one will result in the greatest overall happiness for the largest number of people. Utilitarianism can be applied to a wide range of issues, from individual behavior to public policy, and is often used as a framework for ethical decision-making in business and government.
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Protective tariffs can reduce both the imports and the exports of the nation that levies tariffs because
a. Other countries may follow with their own import tariffs.
b. Protective tariffs can be designed to either reduce imports or exports.
c. Exports and imports must be equal.
d. Other countries may follow with their own export tariffs
The correct option is D. Protective tariffs can reduce both the imports and the exports of the nation that levies tariffs because Other countries may follow with their own export tariffs.
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of products. Besides being a source of sales for the authorities, import obligations can also be a shape of regulation of foreign trade and coverage that taxes foreign products to encourage or guard domestic industry.
Price lists especially benefit the importing countries, as they are those setting the policy and receiving the money. The number one advantage is that price lists produce sales of goods and services added to the u. s .. price lists also can serve as a gap point for negotiations between two nations. Tariffs are a shape of tax implemented on imports from different countries. Economists say the costs are largely exceeded directly by consumers. they have traditionally been used to protect home industries, consisting of agriculture and automobiles, as well as to retaliate against other international locations' unfair exchange practices.
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why do tariffs increase the price of goods consumers might want to buy?
Tariffs harm consumers by driving up the cost of imported goods. An importer must pay a tax in the form of tariffs on the goods they are importing, and as a result, they raise their prices to make up for this increased expense.
Tariffs have the potential to lead to inflation. Through the imposition of an importer-paid tax on imported goods, tariffs raise the cost of goods and services in domestic markets. The domestic importer then raises the price of the products and services to offset the rising costs. Tariffs and other trade restrictions raise the price of both consumer and producer goods and reduce the economic benefits of competition, which stifles economic expansion.
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which groups are parts of the task environment? (choose every correct answer.) a. distributors b. strategic allies c. owners d. board of director e. LO
The task environment is made up of clients, rivals, vendors, distributors, tactical allies, employee associations, local communities, financial institutions, governmental regulators, special interest groups, and the media.
Complexity, dynamism, and munificence are three bipolar dimensions that can be used to categorize the job environment. The Eisenhower Method divides tasks into four categories: important/urgent, important/not urgent, and important/not urgent. These are effective because they make it simple to choose whether anything needs to be done right away, later, or even never at all. The four methods of developing the stages required for a task analysis are goal analysis, self-monitoring, watching a master, and brainstorming. "A group of persons who are brought together to execute a certain work.
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As the amount of on hand inventory increases,A. shortage cost increase and carrying costs increaseB. Shortage cost decrease and carrying costs increaseC. both shortage cost and carrying cost increaseD. both shortage cost and carrying cost decrease
Option b) Shortage cost decrease and carrying costs increase is the correct answer to the given question As the amount of on-hand inventory increases.
The overall cost of holding inventory is referred to as the carrying cost, carrying cost of inventory, or holding cost. This covers warehousing expenses like rent, utilities, and salaries as well as financial outlays like opportunity costs and expenses for perishable, shrinkable, and insured goods. When a company doesn't have any inventory onhand, it incurs shortage charges. These expenses include the revenue lost from customers who choose to shop elsewhere, the margin lost on unfulfilled sales, and the price of overnight shipment to obtain items that are out of stock.
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Educational requirements of applicants for a real estate license are promulgated under what authority of the Florida Real Estate Commission?
(a) Ministerial
(b) Executive
(c) Quasi-legislative
(d) Quasi-judicial
Educational requirements of applicants for a real estate license are promulgated under option (b) Executive authority of the Florida Real Estate Commission.
Realtors who hold a real estate licence are legally able to represent a real estate brokerage in offering real estate for sale, brokerage, or rental to potential purchasers and tenants. To perform this activity, a real estate licence is necessary, and the procedures to obtain one differ from state to state.
A typical Florida real estate commission of an agent is 5% to 6% of the home's selling price. A real estate agent might receive $25,000 when the sale is finalised, for instance, if a home sells for $500,000 in such case. Newer, under experienced agents could make less than that, while more seasoned agents often receive the entire 6% commission.
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where is mountain dew company located
Mountain Dew is a popular carbonated soft drink that was first introduced in the United States in the 1940s. Today, it is one of the best-selling soft drinks in the world and is available in many countries across the globe.
The Mountain Dew company is headquartered in Plano, Texas, which is located in the northern part of the state. This is where the company's main offices and management team are based, and it is from here that the company directs its operations and manages its business.
In addition to its headquarters in Texas, the Mountain Dew company has a large network of production facilities, warehouses, and distribution centers located in various locations throughout the United States and around the world.
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you purchase an investment which will pay you $750,000 in 20 years from today. using a discount rate of 7.50%, how much must you pay for this investment if interest compounds monthly?
By using a discount rate of 7.50% the Present Value, which was determined to be $168,130.63, is the amount that must be paid today.
What is the discount rate?
The interest rate charged to commercial banks and other financial institutions for short-term loans they obtain from the Federal Reserve Bank is referred to as the "discount rate." The Fed's lending facility, known as the discount window, uses the discount rate. The interest rate used in discounted cash flow analysis (DCF) to calculate the present value of future cash flows can also be referred to as a discount rate. In this situation, firms and investors can utilise the discount rate to plan potential investments.
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the real wage rate is $.00 an hour and the cpi is . what is the nominal wage rate?
By using Real wage rate = (Nominal wage rate ÷ CPI) * 100 , we found
The nominal wage rate is 17.10
A real wage rate is a transparent measure of how much of a good an hour of work buys. It is a nominal wage rate divided by the price of a good.
Real wage rate = (Nominal wage rate ÷ CPI) * 100
15 = (Nominal wage rate ÷ 114) * 100
15 / 100 *114 = Nominal wage rate
17.10 = Nominal wage rate
The nominal wage is the pay rate or amount of salary that employees receive. It is the amount advertised in job-seeking classified ads. It is the price quoted on job postings. The most important aspect of the nominal wage is that it is not inflation-adjusted. Inflation is defined as a change in the purchasing power of money caused by rising commodity and service prices in an economy.
As a result, an increase in the nominal wage does not always imply an increase in wage value. The rise in prices may trigger an increase in nominal wages. If wage increases do not keep pace with rising costs, purchasing power will dwindle, and the value of money will be less than its face value.
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what rm process step requires a cycle of continuous reassessment
The risk management process that requires a cycle of continuous reassessment are Develop controls and make risk decisions. It is because development of a company should be monitored and evaluated in a periodic time.
In the term of business and organization, Risk management or also known as RM generally can be defined as the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources. The risk management has a function to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
The question above is incomplete, the complete question is:
What RM process step requires a cycle of continuous reassessment until the benefits of completing the mission outweigh the risks of not completing it?
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how are property, plant, and equipment presented on the balance sheet? multiple choice question. original cost less accumulated depreciation market value plus accumulated depreciation original cost plus accumulated depreciation market value less accumulated depreciation
Property, plant, and equipment are conventionally presented In the balance sheet at acquisition cost less depreciated portion thereof.
What is PP&E (Property, Plant, and Equipment)?
Property, Plant, and Equipment (PP&E) is a non-current, tangible capital asset that is utilised to produce revenues and profits and is recorded on a company's balance sheet. PP&E is essential to the financial analysis and planning of a company's operations and projected expenses, particularly in relation to capital expenditures. It's common to write "net of cumulative depreciation" next to the PP&E account. This means that Net PP&E should gradually lose value each year owing to depreciation if a company does not buy any more new equipment (and as a result, has zero capital expenditures). A depreciation schedule can be used to determine this more accurately.
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an inferior good is one that: select one: a. no consumers are willing to buy. b. gets poor reviews from objective, independent evaluators. c. is of low quality or not very durable. d. experiences decreased demand when income increases.
Option d: An inferior good is one that experiences decreased demand when income increases.
Inferior goods are goods that have a negative relationship with income. This means that as income increases, demand decreases and vice versa.
Unlike ordinary goods, it can be said to have a negative income elasticity. As consumer incomes fall, demand increases as inferior goods become affordable alternatives.
A basic example of adulteration is public transport. When consumers have low incomes, they commute by public transport, buses, trains, etc. When incomes increase, they prefer to drive their own cars instead.
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Coca-Cola
Coca-Cola aims to help its employees (called ‘associates’) realise their full potential. It is committed to extending education and training programmes to all associates at all levels of the organisation and in all countries it operates in. Coca-Cola University (CCU) is the company’s education establishment which provides a wide range of courses through classroom learning, e-learning, and on-the-job training to help associates develop personally and professionally. CCU’s learning and training programmes focus on leadership, marketing, human rights, ethics, diversity, sustainability and finance.
a. Why do you think that Coca-Cola uses both off-the-job
training (‘classroom learning’) and on-the-job’ training?
b. Why do you think that effective training is important to both
Coca-Cola and its employees?
Coca-Cola uses both off-the-job training and on-the-job training to help associates develop personally and professionally. Effective learning is important for both Coca-Cola and its employees because the programmes focus on leadership. marketing, human rights, ethics, diversity, sustainability and finance.
What is On-the-job training?On-the-job training is an important topic of human resource management. It helps develop the career of the individual and the prosperous growth of the organization. On-the-job training is a form of training provided at the workplace. During the training, employees are familiarized with the working environment they will become part of. Employees also get hands-on experience using machinery, equipment, tools, materials, etc.
Part of on-the-job training is to face the challenges that occur during the performance of the job.
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Mulligan manufacturing company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost.
Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost.
This means that for every dollar of direct labor cost incurred, the company must pay an additional $1.50 of overhead costs. The predetermined overhead rate for the company is calculated by dividing the total overhead costs by the total direct labor costs.
For example, if the total overhead costs are $180,000 and the total direct labor costs are $120,000, then the predetermined overhead rate is 150 percent ($180,000/$120,000 = 150 percent).
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integrative case 2.3 - would you invest in turkey?
The case "Integrative Case 2.3 - Investigating this would be as ascenario that raises the question of whether it would be a good idea to invest money in the Turkish market.
security personnel and investors must consider several factors that affect investment decisions, such as political stability, economic growth, and market conditions in Turkey.
Before making any investment, it is important for security personnel and investors to thoroughly research and analyze the Turkish market and understand the business drivers for investing in Turkey.
This includes considering factors such as the country's political and economic stability, the strength of its currency, and the stability of its financial system.
Investing in Turkey can be a good opportunity if the country's economy is strong and stable, and if there is a favorable business environment for investment. However, if the political situation in Turkey is uncertain, or if there is economic instability, investing in the country may be a riskier proposition.
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forensic accountant
answer choices
O An accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity.
O An amount recorded on the right side of an account.
O A right granted to an individual or business to sell the products or services of another, larger business within a defined geographical area.
A forensic accountant is an accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity.
In order to help legal processes like criminal trials and civil litigation, forensic accountants combine their expertise in accounting, money, and investigation. To ascertain the financial aspects of a case and present evidence in court, they collect, examine, and evaluate financial data.
Investigating and exposing financial fraud, embezzlement, money laundering, and other financial crimes may need the services of forensic accountants. They may also be needed to support divorce, bankruptcy, and insurance claims.
In conclusion, a forensic accountant is a specialist accountant who uses their expertise in a legal and investigative context, playing a crucial role in assisting with the identification and comprehension of financial misbehavior and other financial-related legal difficulties.
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The following question may be like this:
Forensic Accountant
Answer choices
An accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity.An amount recorded on the right side of an account.A right granted to an individual or business to sell the products or services of another, larger business within a defined geographical area.according to henri fayol, what are the major functions of management? (choose every correct answer.)
According to Henri Fayol, the major functions of management are: Planning: This involves setting goals and objectives, determining the best way to achieve them, and deciding on the necessary resources and timeline for completion.
What are the major functions of management?Organizing: This involves arranging and coordinating resources, such as people, materials, and equipment, in an efficient manner to achieve the goals set in the planning stage.Commanding: This involves communicating the plans and decisions made during the planning and organizing stages to employees and ensuring they are aware of their roles and responsibilities.Coordinating: This involves bringing together different functions and departments within an organization to ensure that everyone is working together towards the same goals.Controlling: This involves monitoring the progress of the organization and making adjustments as necessary to ensure that goals are met.Some key points to consider when discussing Henri Fayol's management functions include:Holistic Approach: Fayol believed that all five functions of management were interrelated and should be considered together in order to achieve success.Integration of Functions: Fayol emphasized the importance of integrating the different functions of management to ensure that the organization is working efficiently and effectively towards its goals.Effective Leadership: Fayol believed that effective management and leadership were critical to the success of an organization.To learn more about management refer:
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What do economists mean when they say behavior is "rational"? a. Individuals making choices that do not harm others.
b. Individuals making choices entirely using logic. c. Individuals making choices which help them reach their goals. d. Individuals making choices to maximize their wealth. e. Individuals caring more about their own outcomes than others' outcomes.
The economists mean D: "Individuals making choices to maximize their wealth" they say behavior is "rational".
In economics, "rational behavior" is often used to describe individuals who make choices in a way that maximizes their utility, satisfaction, or wealth. This means that individuals are assumed to weigh the costs and benefits of different options and choose the one that provides the most value to them.
The concept of rationality is a central assumption in many economic models, as it allows economists to make predictions about how individuals will act based on the information and incentives available to them.
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what distinguishes the money market from the capital market? group of answer choices the money market deals with instruments valued at $1 million or less, whereas the capital market deals with larger instruments. the money market deals with cash instruments, whereas the capital market deals with real assets. the money market deals with stocks, whereas the capital market deal with bonds. none of these statements is correct. the money market deals with short-term instruments, whereas the capital market deals with long-term instruments.
the money market deals with short-term instruments, whereas the capital market deals with long-term instruments.
What is the money market?
The money market is a segment of the financial market that deals with the lending and borrowing of short-term funds. The money market is characterized by the trading of highly liquid and low-risk financial instruments, such as treasury bills, certificates of deposit, and commercial paper, with maturities ranging from overnight to one year. The main purpose of the money market is to provide a place for participants to obtain short-term funding for their working capital needs, and for investors to place their short-term surplus funds in low-risk, highly liquid instruments.
Hence, the answer is the money market deals with short-term instruments, whereas the capital market deals with long-term instruments.
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Which of the following is true of customer value?
A. A customer's perception of value is not defined by a customer's wants.
B. To create value, the new good, service, or idea must satisfy a perceived marketplace demand.
C. Marketers should not worry about getting their message out to customers.
D. The monetary benefits associated with a product do not impact the customer value.
E. Supply chains are not related to customer value.
The correct answer is B. To create value, the new good, service, or idea must satisfy a perceived marketplace demand.
Customer value is the benefit that an end user of a good or service derives from it. End-customers might be a single person (a consumer) or a group of people who each perform a specific function in the buying-consumption process. Various concepts of consumer value exist, including utility, quality, advantages, and customer happiness. Intangible assets that are not necessarily attributed to any particular stakeholder group can comprise business value. Examples include a company's business model and intellectual property. One of the most widely used techniques for assessing and maintaining corporate value is the balanced scorecard methodology.
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59) copies of the listing agreement must be given to the signing parties: True or false?
At the moment the signature is acquired, the individual signing must be handed copies of exclusive listing agreements with a certain expiration date (often 90 days).
Provide the seller with the names of your prospects and meticulously record every viewing. At the moment the signatures are gathered, a copy of the document must be given to the seller. Within 48 hours of signing a formal listing agreement, a real estate licensee must deliver a copy to the owner. A listing agreement is a contract of employment between a real estate broker and a property owner. It enables the broker to represent the seller as a listing agent and locate a buyer who will purchase the property under their terms.
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TRUE or FALSE. amanufacturing company such as computer chip maker intel focuses primarily on technical skills when hiring most employees.
The given statement is false. While technical skills are important for a manufacturing company like Intel, it is not the only factor that the company considers when hiring employees.
Intel is a highly competitive and complex organization, and it requires employees with a variety of skills and abilities. In addition to technical skills, Intel also places a high value on a candidate's ability to work well in a team, communication skills, problem-solving ability, and creativity. The company also looks for employees who share its values and culture, and who are dedicated to continuously improving their skills.
Moreover, in order to remain competitive, Intel must also attract and retain employees who have strong leadership skills, business acumen, and the ability to work effectively in a fast-paced and changing environment.
In conclusion, while technical skills are important for a company like Intel, they are not the only factor considered when hiring employees. Intel looks for employees with a combination of technical skills, interpersonal skills, leadership ability, and a dedication to continuous improvement.
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lifelines provides responders an outcomes-based approach through situational awareness, , and support with planning/operational decision-making. a. tactical guidance b. common terminology c. communications d. status reporting
Option d is Correct. Status reporting is a lifeline because it gives responders situational knowledge, help with planning and operational decision-making, and an outcomes-based approach.
A status report is a compilation of data on a project's present state. Project status reports are intended to inform the project team and stakeholders of the current state of a project. One way to address the significance of project communication is through project status reporting.
Project status reporting is a routine, official report on how the project is progressing in relation to the project schedule. Its goal is to regularly update project stakeholders on the status of the project in an effective and efficient manner. Daily, weekly, monthly, and quarterly project status reports are some of the available formats. They streamline the procedure for acquiring and communicating important project-related information.
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which of the following is the final step in establishing an implementation timetable? a. determining the time required to complete each activity b. organizing the activities in the proper order c. assigning responsibility for completing each activity to one or more employees, teams, or managers d. identifying the activities to be performed e. separating the activities to be performed in sequence from those to be performed simultaneously
The final step in establishing an implementation timetable is assigning responsibility for completing each activity to one or more employees, teams, or managers (Option C).
After determining the time required to complete each activity (Option A), organizing the activities in the proper order (Option B), and identifying the activities to be performed (Option D), it is important to assign specific individuals or teams to carry out each activity. This helps to ensure accountability and avoid confusion over who is responsible for what.
Separating the activities to be performed in sequence from those to be performed simultaneously (Option E) may also be an important step in creating an implementation timetable, as it helps to understand the dependencies between different activities and ensure a smooth flow of work. However, assigning responsibility is the final step in this process, as it brings clarity to who will be executing the plan and holds them accountable for its success.
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in the resource market: group of answer choices households sell resources to businesses. firms sell raw materials to households. businesses borrow financial capital from households. businesses sell services to households.
In the resource market households sell resources to businesses. Option A.
This is because households are the primary source of resources for businesses.
Businesses rely on households to provide them with the raw materials, labor, and capital they need to operate.
This allows the businesses and market to produce goods and services, which they then sell to households in exchange for money.
Households also provide financial capital to businesses, either through loans or investments.
This capital allows businesses to expand and grow, creating more jobs and contributing to economic growth. Finally, households purchase services from businesses, such as healthcare, education, and transportation.
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alexandria has recently begun using social media, and frank asks you what kind of business information would help him run the store more profitably and efficiently. what do you suggest? select an option from the choices below and click submit. find out what books alexandria customers are buying and recommend other books based on common buyer interests. find out why certain book readings and discussion groups are not well attended. find out why customers prefer alex
The kind of business information that would help him run the store more profitably and efficiently is Find out what books Alexandria customers are buying. In the other side, alexandria also have to recommend other books based on common buyer interests, so the correct answer is A.
In economic and business, Business intelligence systems generally can be defined as a method that combine data gathering, data storage, and knowledge management with data analysis to evaluate and transform complex data into meaningful, actionable information, which can be used to support more effective strategic, tactical, and operational insights and decision-making.
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if more and more countries decide to enact trade protectionism, then ch2m hill would probably realize
If more and more countries decide to enact trade protectionism, then ch2m hill would probably realize the fewer opportunities and revenue.
What is trade protectionism?Protecting native industry from unfair foreign competition is the goal of trade protectionism. Tariffs, subsidies, quotas, and currency manipulation are the four main instruments of trade protectionism. Tariffs, quotas, and subsidies are common instances of protectionism as well as instruments used to carry it out. All of these strategies aim to boost indigenous businesses by increasing the cost or scarcity of imported goods.
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what are reasons why strategic planning may not occur sequentially? (choose every correct answer.) [ ] when a situation analysis necessitaters that the mission statement be revised. [ ] when the implementation plan cannot move forward because there are too resources. [ ] when the economy has had six consecutive months of steady growth and projections indicate that the trend will continue. [ ] when new srategic opportunities arise.
answer for the above question what are reasons why strategic planning may not occur sequentially? is when a situation analysis necessitaters that the mission statement be revised. [ ] when the implementation plan cannot move forward because there are too resources.[ ] when new srategic opportunities arise.
Strategic planning has four main challenges. Lack of ownership, poor communication, lack of coordination, slow adoption. Before considering solutions, it is important to understand what lies at the heart of these challenges.
Here are the top six reasons why strategy execution fails.
Your strategy is pointless. ... You misunderstand the current situation. ...Not hiring the right people. ...Lack of schedule. ...It's too far from "here" to "there"...Lack of tracking.Read more on Strategic planning here:
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Use the information in the table to calculate a consumer price index (CPI) and the inflation rate. The base year is 1975.
Round answers to two decimal places.
Market basket Quantity 1975 prices 1976 prices
A dozen eggs
21
$0. 50
$0. 90
Calculator
11
$10. 50
$14. 00
Microwave oven
2
$130. 00
$150. 00
What is the CPI for 1975?
What is the CPI for 1976?
What is the inflation rate for 1976?
The CPI for 1975 is 1.00, the CPI for 1976 is 1.22, and the inflation rate for 1976 is 22.00%.
To calculate the Consumer Price Index (CPI) and the inflation rate, we need to find the cost of the market basket in each year, and compare them to the cost in the base year, 1975.
First, let's calculate the cost of the market basket in 1975 and 1976:
1975:
A dozen eggs: 21 * $0.50 = $10.50
Calculator: 11 * $10.50 = $116.50
Microwave oven: 2 * $130.00 = $260.00
Total cost: $10.50 + $116.50 + $260.00 = $387.00
1976:
A dozen eggs: 21 * $0.90 = $18.90
Calculator: 11 * $14.00 = $154.00
Microwave oven: 2 * $150.00 = $300.00
Total cost: $18.90 + $154.00 + $300.00 = $473.90
Next, let's calculate the Consumer Price Index (CPI) for each year:
1975:
CPI = Cost of market basket in 1975 / Cost of market basket in 1975
CPI = $387.00 / $387.00 = 1.00
1976:
CPI = Cost of market basket in 1976 / Cost of market basket in 1975
CPI = $473.90 / $387.00 = 1.22
Finally, let's calculate the inflation rate for 1976:
Inflation rate = (CPI in 1976 - CPI in 1975) / CPI in 1975 * 100%
Inflation rate = (1.22 - 1.00) / 1.00 * 100% = 22.00%
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