Define dynamic processes and list their characteristics
What will be an ideal response?
Dynamic processes are flexible, informal, and adaptive processes that normally involve strategic and less unstructured managerial decisions and activities. Deciding whether to open a new store location or how best to solve the problem of excessive product returns are examples, as is using Twitter to generate buzz about next season's product line.
The characteristics of dynamic processes are:
1. They support strategic and less structured managerial decisions and activities.
2. They are less specific and fluid.
3. They are usually informal.
4. Exceptions are frequent and expected.
5. They are adaptive processes that change structure rapidly and readily.
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In 1935, John L. Lewis formed the ________, which permitted semiskilled and unskilled workers to be its members
A) International Labor Organization B) Congress of Industrial Organizations C) National Labor Relations Board D) American Federation of Labor
Extending payment terms from suppliers is an example of generating funds internally.
Answer the following statement true (T) or false (F)
Six Sigma asserts that continuous efforts to reduce process variation are important to overall performance and customer satisfaction in a project
Indicate whether the statement is true or false
Which of the following statements is CORRECT?
A. An externality is a situation where a project would have an adverse effect on some other part of the firm's overall operations. If the project would have a favorable effect on other operations, then this is not an externality. B. An example of an externality is a situation where a bank opens a new office, and that new office causes deposits in the bank's other offices to decline. C. The NPV method automatically deals correctly with externalities, even if the externalities are not specifically identified, but the IRR method does not. This is another reason to favor the NPV. D. Both the NPV and IRR methods deal correctly with externalities, even if the externalities are not specifically identified. However, the payback method does not. E. Identifying an externality can never lead to an increase in the calculated NPV.