Describe what is meant by becoming world-class.
What will be an ideal response?
Managers want, or perhaps should want, their organizations to become world-class. Being world-class requires applying the best and latest knowledge and ideas and having the ability to operate at the highest standards of any place anywhere. Becoming world-class is more than merely improving. It means becoming one of the very best in the world at what you do.
To some people, world-class excellence seems a lofty, impossible, unnecessary goal. But it can serve as a worthy stretch goal in today's intensely competitive business world.
World-class companies create high-value products and earn superior profits over the long run. They demolish the obsolete methods, systems, and cultures of the past that impede progress, and they apply more effective and competitive strategies, structures, processes, and management of human resources. The result is an organization that can compete-and even serve society-on a global basis.
You might also like to view...
What are the two subtotals that distinguish the multi-step income statement from the single-step income statement?
a. Income before taxes and income taxes b. Total operating revenues and total operating expenses c. Income from operations and income before taxes d. Total revenues and total expenses
The test statistic for sphericity is based on a chi-square transformation of the determinant of the correlation matrix. A large value of the test statistic will favor the acceptance of the null hypothesis
Indicate whether the statement is true or false
Bond issue costs
A) must be expensed when incurred. B) must be amortized over the life of the bonds. C) are recorded in an asset account and not amortized. D) appear on the balance sheet as a liability.
Cash flows from financing activities would be reduced by which of the following?
a. Purchase of inventory b. Repayment of long-term debt c. Purchase of machinery d. Payment of interest