Because a firm's performance measures reflect past performance, these measures can NOT be used to assist in forecasting future financial statements

A company's sales personnel are usually asked to develop predictions of sales for each territory and department because people normally feel a greater commitment to goals they help set. Another advantage to this participatory budgeting approach is that it draws on knowledge and experience of people _____________ in the activity.

Fill in the blank(s) with the appropriate word(s).

Nordstrom and Walmart primarily compete in overlapping industries with very different strategies. But, they both focus on realizing

a. Economies of scope. b. Economies of scale. c. Excellent customer service. d. Competitive advantage.