What are communities of practice? What can organizations do to make such communities successful?
What will be an ideal response?
Answer: Communities of practice are groups of people who share a concern, a set of problems, or a passion about a topic, and who deepen their knowledge and expertise in that area by interacting on an ongoing basis. For communities of practice to work successfully:
• top management support and clear expectations is essential.
• an environment that will attract people and make them want to return for advice, conversation, and knowledge sharing should be created.
• regular meetings of the community, whether in person or online should be encouraged.
• regular communication among community members should be established.
• real problems and issues important to the organization should be focused on.
• clear accountability and managerial oversight is essential.
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Probable future sacrifice of economic benefits arising from present obligations is termed as a(n):
a. revenue b. expense c. net asset d. asset e. liability
Firm C accounts payable for the month are $100,000 and its wages and salaries for the month are $100,000
What is its total outgoing cash flow for the month if its interest payments for the month are $50,000, its accounts receivable payments for the month are $100,000, and there are no other cash outflows for the month? A) $250,000 B) $200,000 C) $350,000 D) Cannot tell because we do not know the beginning cash for the month.