Final answer:
Setting time standards for task performance is one of the most important features of time-based competition. It allows companies to monitor and improve efficiency and productivity, leading to better competition in the market. By delivering products and services faster than competitors, companies can gain a competitive edge.
Correct option is a.
Step-by-step explanation:
One of the MOST important features of time-based competition involves setting time standards for task performance. By setting these standards, companies can monitor and improve their efficiency and productivity, leading to better competition in the market.
For example, if a company sets a time standard for how quickly an employee should complete a certain task, they can use stopwatch time studies to track and measure the actual time taken by the employee. This allows them to identify any areas where improvements can be made, such as streamlining processes or providing additional training.
By continuously striving to perform tasks more quickly and efficiently, companies can gain a competitive edge by delivering products and services faster than their competitors. This can lead to increased customer satisfaction and loyalty, as well as potential cost savings for the company.