In: Economics
21. Competitive advantage refers to a condition where a company or any organization is in a favorable situation to produce goods and services at a lower price than the competitors. It is simply the advantage of the company over competitors in terms of efficient production.
Competitive advantage normally is a result of superiority in resources, skills or employees.
22. An organization's performance is measured by how organization is doing against its own set targets and also where it stand in market as compared to the competitors. Note that individual performance is not the metrics for an organizations performance rather an individual's performance.
Thus, evaluating individual performance is not included in measuring organizational performance.
23.The Fortune 50 includes only the corporate or private organizations and not the government units.
Thus, The Fortune 50 will not include the largest utilities.
24. Contingency plans can related to all priority areas. Also, they must be well thought, developed for all the situations and well executed.
Thus, Only high-priority areas require the insurance of contingency plans is the wrong answer.