Question

Costs that are associated with time devoted to the coordination in meetings and briefings as well as time necessary to resolve disconnects between tasks are known as ____________ costs?

1) Coordination
2) Time
3) Disconnect
4) Resolution

Answer 1

Transaction costs are the time, effort, and resources required for coordination within meetings and resolving task disconnects. These costs have significant implications in decision-making and operational efficiency in various sectors.

Step-by-step explanation:

The costs that are associated with time devoted to the coordination in meetings and briefings, as well as time necessary to resolve disconnects between tasks, are known as transaction costs. Transaction costs refer to the time, effort, and resources required to make group decisions. These can take various forms, including the expense of meeting arrangements and the opportunity costs of using time that could have been spent on other work activities. In politics and economics, transaction costs play a significant role in decision-making processes and the efficiency of operations.