Discuss increased competition and improved problem solving skills as they relate to benchmarking
Increased competition and improved problem solving skills are two benefits of benchmarking. Benchmarking helps companies become more competitive in their markets by examining what competitors do in relation to organization practices. Once these differences are determined, the organization will be in a better position to make changes that will help make the organization more competitive. Benchmarking also increases problem-solving skills among employees in the organization by providing a framework in which to operate more effectively. An increase in problem solving ability should promote teamwork within the organization, which is critical to not only benchmarking, but to total quality control.
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Incomplete specialization may be caused by
a. increasing opportunity cost. b. unrestricted trade. c. constant opportunity cost. d. decreasing opportunity cost.
A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity decreases. d. Liabilities decrease and assets decrease.
When a statement of cash flows is prepared using the indirect method,
a. net income is the starting point in determining cash flows from operations. b. cash paid for dividends is not included. c. the increase in cash is different than when the direct method is used. d. the amount of cash collected from customers is calculated.
A value proposition includes the whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself
Indicate whether the statement is true or false