Discuss three specific factors that account for a team's ability to make effective decisions. How can these factors be used to improve team decision making?
What will be an ideal response?
Three factors account for a team's ability to make effective decisions:
• Decision informity reflects whether the team members possess adequate information about their own task responsibilities.
• Staff validity refers to the degree to which members make good recommendations to the leader.
• Hierarchical sensitivity reflects the degree to which the leader effectively weighs the recommendations of the members.
Experienced teams tend to make better decisions because they develop an understanding of the information that is needed and how to use it, and leaders develop an understanding of which members provide the best recommendations. Team decision making may be improved by giving members feedback about these three variables involved. For example, a team can improve its decision making if the members are told that they have to share and consider additional pieces of information before making recommendations to the leader.
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The cost per equivalent unit for transferred in units is calculated by dividing total transferred in costs by the equivalent units of production for transferred in units
Indicate whether the statement is true or false
XYZ Company has assets that are traditionally 80% of sales, and its liabilities traditionally are
30% of sales. Sales for this year are $70,000 and sales for next year are projected to be $120,000 with a profit margin of 6%. No owner payout will be taken. Using the percentage of sales method, XYZ will need ________ of additional financing. A) $7,200 B) $17,800 C) $25,000 D) $30,000 E) No financing is required.