When the percentage decrease in the price of a good is greater than the percentage increase in its quantity demanded, the elasticity of demand for it is less than 1. (Option C)
What does demand-price elasticity mean?The relationship between the percentage change in a product's quantity demanded and the percentage change in price is known as price elasticity of demand. It helps economists comprehend how supply and demand shift in response to changes in a product's price.
When the price elasticity of demand for a good is larger than 1?Demand is considered elastic if the price elasticity of the demand is larger than 1. The demand for the product is therefore sensitive to price increases. For instance, if the cost of a fine cut of steak goes up, many customers might opt for hamburger.
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Can I delete email account in Outlook and reinstall?
Yes ,you can safely delete all Outlook accounts. When you reinstall your account, you will have access to your brand-new Office 365 email accounts because all of the data is stored on the server.
What happens if I reinstall Outlook after deleting it?The existing Outlook profiles remain even after Office/Outlook is uninstalled using Control Panel. To put it another way, Outlook will continue to make use of the profiles that are already installed when Office is re-installed.
If I delete my email account, what happens?Both your email settings and your emails will be deleted. Your mail address can no longer be used to send or receive email. You might be able to get your mail address back if you change your mind. In the future, no one else can use your mail address.
What makes Outlook different from email?There are two major distinctions between Outlook and Mail that stand out: the user interface and the manner in which Mail deviates from Outlook's advanced features. The appeal of the latter comes down to organization. In contrast to Mail, Outlook provides a few methods for responding to (or delaying responding to) email.
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If M = 3,000, P = 2, and Y = 6,000, what is velocity? 1/2. 4 None of the above is correct.
As per the equation of money supply, the value of the velocity is 4.
The term money supply in business is defined as a group of safe assets that households and businesses can use to make payments or to hold as short-term investments.
Here we have given that M = 3000, P = 2 and Y = 6000
AS we all know that the equation of money supply is used here.
And the equation is written as,
=> PY = MV
where M refers money supply, V refers velocity of money, P refers price level, Y refer real GDP.
Here we have to apply the values on the equation, then we get,
2 x 6000 = 3000 x V
when we simplify this one then we get the value of velocity V as,
V = 4
Complete Question:
If the value of Money supply = 3,000, Price = 2, and GDP = 6,000, then what is the value of velocity?
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What is the best way to communicate with stakeholders?
Determine key stakeholders, and make communications plans, communication with stakeholders can be done by email and e-newsletters, presentations, and informal stakeholder communications.
What kind of communication is required to interact with stakeholders?The idea that project success is governed by the attitudes of the main stakeholders around the project is one of the notions supporting the research for my doctoral thesis and the Stakeholder Circle technique.
It is not enough to complete a project on schedule, under budget, and according to specifications; if the client dislikes it and uses none of the products, the project is still a failure.
Compare and contrast the success of the London Eye with the very low level of patronage for the Melbourne Star, both of which are enormous wheels intended to provide a view of a city.
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Refer to Exhibit 4-6. Suppose the minimum wage is set at $7. The result will be .a. a surplus of unskilled workers. b. a shortage of unskilled workers. -C, no effect on the market for unskilled labor. . d. none of the above
Setting the minimal pay envelope at$ 7 could have a number of goods on the request for unskilled labor.
It could produce a fat of unskilled workers, as employers may be unintentional to pay the advanced stipend for unskilled labor, and workers may be willing to accept lower than the needed minimum pay envelope. It could also produce a deficit of unskilled workers, as employers may be willing to pay the advanced stipend, but workers may not be willing to accept them. Alternately, the minimal pay envelope may have no effect on the request for unskilled labor if workers are willing to accept the stipend, and employers are willing to pay them. Eventually, the goods of setting the minimal pay envelope will depend on the specific factors of the labor request, similar as the demand for labor and the force of labor.
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Downward communication typically conveys: A) assignments of tasks and responsibilities. B) grievances. C) organizational rumors. D) complaints. E) improvement suggestions
Downward communication typically conveys (B) grievances is correct option.
When information and messages move down through a formal chain of command or hierarchical structure inside an organization, downward communication has taken place. In other words, communication and orders flow downward from the top levels of the organizational hierarchy. In the same way, responses to downward transmissions ascend upward.
An instance of "Upward communication" is when employees bring their complaints and suggestions to management.
The aforementioned claim is accurate since upward communication is a type of communication that involves the transfer of information from lower rank or classes of a structure to higher ranks or classes of the same organization. In management, information is frequently transferred from employees to supervisors, production managers, etc.
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Which of the following is a form of research typically conducted bymanagers and other professionals to address issues in their organizationsand/or professional practice?
a. Action research
b. Basic research
c. Professional research
d. Predictive research
Action research is a form of research typically conducted by managers and other professionals to address issues in their organizations and/or professional practice.
What is meant by Action research?Action research is a form of research typically conducted by managers and other professionals to address issues in their organizations and/or professional practice. It is a reflective process of progressive problem-solving led by individuals working with others in teams or as part of a "community of practice" to improve the way they address issues and solve problems.
In contrast, basic research is focused on increasing knowledge for its own sake, professional research is research that is done by professional researchers with the purpose of advancing the field, and predictive research is focused on forecasting future events or trends.
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Which investment strategy would work best if you want to grow your investment slowly without losing much money?.
If you wanted to increase your investment gradually without losing money, the greatest investment plan would be one with minimal risk and return.The correct answer is option (A). Low risk, low return.
What is Investment Strategy?A set of guidelines created to aid an individual investor in achieving their financial and investing objectives is referred to as an investment plan. This strategy directs an investor's choices in accordance with goals, risk tolerance, and anticipated capital requirements.
Investors that use an investing plan can decide on their next investment quickly. The investing methods may be goal-oriented, which can assist investors in choosing an investment in line with their objectives. Most people agree that the safest investment on earth are U.S. Treasury bonds.
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On july 1 of the current calendar year, plum company paid $7,500 cash for management services to be performed over a two-year period beginning july 1. The adjusting entry ondecember 31 of the current year for plum would include:.
The adjusting entry on december 31 of the current year for plum would include a debit to an expense and a credit to a prepaid expense for $1,875.
Prepaid Expenses: What Are They?Future costs that are already paid for, such rent or insurance, are referred to as prepaid costs. Prepaid costs are initially listed as an asset on the balance sheet. The sum is subsequently recorded as an expense once the assets' advantages have been realized over time.
Prepaid expenses are they considered income?When a company makes advance payments for products or services that will be received in the future, those payments are recorded as prepaid expenses as an asset on the balance sheet. Initial asset records for prepaid expenses show them as such, but their value is gradually expensed onto the income statement.
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what type of stakeholders include community, government, nongovernmental organizations, and business support groups?
Community: Local residents, community groups, faith-based organizations
Government: Elected officials, government agencies, public sector unions
What is public sector?The public sector consists of businesses owned and run by the government that offer services to the general populace, including infrastructure, public transportation, public health care, and law enforcement. It is responsible for creating and maintaining the environment in which citizens are able to live and work and is funded by taxes. It is responsible for delivering services that are essential to the well-being of citizens such as national defence, public safety, and economic prosperity. It also provides social welfare and public services, such as education, health, housing and employment.
Nongovernmental Organizations: Charities, advocacy groups, think tanks
Business Support Groups: Trade associations, chambers of commerce, professional networks
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External Stakeholders are type of stakeholders include community, government, nongovernmental organizations, and business support groups
These stakeholders are considered to be external stakeholders as they are not directly involved in the day-to-day operations of the organization or business. They include:
Community: includes residents and members of the local community where the organization or business operates. They may be affected by the actions of the organization or business and may have a direct interest in its success or failure.
Government: includes government agencies and officials that regulate and oversee the activities of the organization or business. They may also provide funding or other support to the organization or business.
Nongovernmental organizations (NGOs): includes organizations that operate independently of government, such as environmental groups, advocacy groups, and social welfare organizations. These organizations may have an interest in the organization or business and may seek to influence its actions or decisions.
Business support groups: includes trade associations, industry groups, and other organizations that represent the interests of businesses in a specific sector or region. These groups may provide support and resources to the organization or business, and may also advocate for policies or regulations that benefit their members.
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5.Total revenue is maximized at the point where
Group of answer choices
a. marginal cost equals zero
b. marginal revenue equals zero
c. marginal revenue equals marginal cost
d. marginal profit equals zero
e. None of the Above
6.A firm faces the demand curve: P = 80 − 50 Q
What price will maximize the firm's total revenue?
When marginal revenue equals marginal cost, total revenue is maximised.
When total revenue is at a maximum?At zero marginal revenue, total revenue is at its highest level. By raising the amount, more money is added to the bottom line, or marginal revenue. The term "margin revenue" is another name for this sum of money. Profit is therefore maximized when marginal cost equals marginal income, which is equivalent to saying that marginal profit equals zero.
When total revenue plus total cost equals profit, profit is minimized. Profit-maximizing businesses usually sell more goods at cheaper prices than revenue-maximizing businesses when there is a downward-sloping demand curve and positive marginal costs. To see a decrease in average cost as output increases, the marginal cost must be lower than the average cost.
Marginal revenue and overall revenue have a positive relationship. Accordingly, marginal revenue is positive when overall revenue rises.
The correct answer is c. marginal revenue equals marginal cost.
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What are the most important steps to initiate and maintain protect confidentiality?
Be careful when handling private documents. Whether you're a nurse, lawyer, or employee handling your company's, never leave private documents unattended. Remove or Combine Information.
Think about communicating highly sensitive information in a summary manner that includes important details like customer or employee names.
Although it should go without saying, never discuss client confidentiality with anyone outside of your professional network.
The largest organization of management accountants in the world is CIMA. The most applicable finance qualification for business is what we provide. A typical practice for maintaining confidentiality is data encryption.
User IDs and passwords are the norm two-factor authentication is starting to take over. Security tokens, key fobs, and biometric verification are other choices.
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What is benefit of multi-party system in Blockchain?
Enabling data standardization across organizations. Introducing token features that enable the creation of digital twins of physical assets, the transfer of value, the creation of tokenized incentives, and the fractionalization of ownership of assets - are benefits of multi-party system in Blockchain.
How is blockchain used in banking and finance?In essence, blockchain is a distributed ledger. It can keep information on who owns a certain plot of land or, for example, a bond. A permanent record of ownership may be maintained using technology, which also makes it possible for parties with a low level of trust to exchange the item.
Blockchain is fundamentally a ledger that provides visibility into a transaction's or value exchange's complete life-cycle within a bank's operations. It can minimize the requirement for costly and time-consuming third-party verification throughout a payment or money transfer procedure.
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Why should the government support small businesses?
Small businesses often provide specialist goods and services to consumers which larger businesses are less interested in supplying. This helps to create a greater consumer choice and cheaper products.
In economics, goods are those items that satisfy a human need and provide utility, for example, to a consumer purchasing a satisfying product. There is a general distinction between negotiable goods and non-transferable services.
A good is considered an “economic good” if it is useful to people but is scarce relative to its need so that people must work hard to obtain it. In contrast, free goods, such as air, are naturally available and require no conscious effort to obtain them.
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They promote competition in the market. By offering lower costs and cutting-edge goods and services, such as personalizing items or developing niche markets, small enterprises may compete with big corporations.
Small firms boost employment rates and create more jobs, which stimulates economic growth. With incentives, tax breaks, grants, and easy access to cash, the American government frequently supports small firms to help them remain competitive.
By providing local employment possibilities to people who might not wish to work for these big box retailers, they promote economic growth and the local economy. Small businesses are well renowned for contributing significantly to neighborhood charities and causes.
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The measurement of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goals is known as organizational _____.
Corporate efficiency is the evaluation of a manager's utilization of resources to satisfy clients and accomplish organizational effectiveness. The correct answer is option (d).
What is organizational effectiveness?The term "organizational effectiveness" describes how a company has come to fully understand itself, in part because of: Leaders who set clear objectives for their teams and explain how to effectively carry them out. Management involves putting in place transparent communication channels and decision-making procedures.
Achieving organizational effectiveness is a prerequisite for building a successful business. Increasing your company's capacity to achieve its objectives is essential for generating shareholder value. It implies long-term success for your firm. Organizational effectiveness, on the other hand, is not time-oriented and focuses on attaining a goal via doing the right things. These two are gauged differently by businesses.
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The full question is,
The measurement of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goals is known as organizational ________.
a. management
b. efficiency
c. performance
d. effectiveness
Economists use the term money to refer to:
O income
O profits
O assets used for transactions
O earnings from labor
Option A is correct answer. Economists use the term money to refer income.
Money is a commodity that is widely accepted as a form of media of economic exchange. It is the primary means of expressing prices and values; as currency, it rotates confidentially from individual to individual and nation to nation, facilitating trade; and it is the primary measure of wealth. The primary function of money is to separate buying from selling, allowing commerce to take place even without so the double coincidence of barter. In theory, credit could serve this purpose; however, before lending money, the salesperson would need to understand about the likelihood of repayment. This necessitates far more details about the buyer and imposes information and verification costs that the use of money avoids. From Aristotle's time to the present, the particular topic of money has captivated people.
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chris mittelstaedt says that creating an hr department is creating an organizational culture. which hr competency is likely to be most important if an hr manager wants senior executives to go along with his or her recommendations about an organizational culture?
business sense. According to him, establishing an HR department entails developing an organizational culture. which human resources expertise is most likely to be crucial.
What categories of departments are there?A company's departments could include marketing, study and development (R&D), production, accounting, and information technology. A product or project may be addressed as a department in some product- or project-based businesses to create separate business units.
Describe departments.Information Systems are often referred to by the acronym IS, whereas Information Technology is generally referred to by the acronym IT. Over time, has been a small development in nomenclature. These days, it's typical to combine both or refer to the entity as "The IS Department" or simply "Information Services."
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Who establishes the ethical tone for the entire firm?
A. mid-level managers
B. board of directors
C. ethics officer
D. Chief Executive Officer (CEO)
Ethics officer establishes the ethical tone for the entire firm.CEOs with ethics officers are accountable not only for the company as a whole but also for all major internal decisions.
General managers, branch managers, and development managers are mid-level managers. A corporate code of ethics officer informs the media of unethical practices within the organization.The Ethics and Compliance Office was set up by the company to oversee the ethics and compliance efforts and be a resource for employees providing. An organization's definition of what constitutes acceptable and ethical behavior can be found in a code of ethics.
The organization's unethical practices are reported to the media by a corporate code of ethics officer. a declaration of responsibilities for ethical behavior. UnEthics. Refer to actions and decisions based on standards that are honest and fair. A statement of business rules is called a corporate code of ethics. Its purpose is to help employees behave in a way that is consistent with the mission and most important goals of the company and to stop them from doing so. Codes of ethics, also known as codes of conduct, can be very different from one business to the next.
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these clients all received a form 1099-k for less than $5,000. which client cannot still receive special pricing? callie has incurred startup costs for her new business. nathan, filing a client-dependent return. carlos is not otherwise required to file a tax return. stella has no other source of income but is required to file a return.
If each of these clients received a form 1099-k for less than $5,000, Callie would have suffered beginning costs for her new company business and would not be eligible for special pricing.
The owner of the business is responsible and liable for any debts incurred by the business since despite having a business name, they are one and the same. If the company accrues debts, the creditors may seize the owner's personal property. [6] Corporate tax rates cannot be applied to a firm structure. All profits earned by the business are subject to personal taxation by the owner.
The term is frequently used informally to refer to a business, such as a corporation or cooperative. However, lawyers and public officials do not use it in this way.
Unlike sole proprietorships and partnerships, corporations are a distinct legal entity that offers limited responsibility to its owners/members and is subject to corporate tax rates.
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What purpose do economic models serve?
Its primary goal is to describe and examine the costs and volume of commerce in a market that is highly competitive. Equations in the model determine the relationship between pricing and other factors to estimate the degree of supply and demand (for example, income).
What do economic models serve as?
Economic models are fundamentally used to understand and forecast economic phenomena. The premise that everything else is constant is known as ceteris paribus.
What two goals do economic models seek to achieve?
Two important uses of models are simulation (e.g., how would the world change in relation to a counterfactual if we assume a change in this or that variable) and forecasting (e.g. what the world might look like in 2030).
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How do you calculate appreciation return?
Appreciation is the term for the process by which an asset's value rises over time. While depreciation lowers an asset's value over its useful life. The appreciation rate is the rate at which an asset's value rises. Capital appreciation describes a rise in the value of financial assets like stocks.
What factors go into calculating the annual rate of appreciation?The return generated by an investment's growth throughout the investigated period, represented as a percentage for a property or portfolio.
Determine the asset's final (Vf), initial (Vi), and holding (n) values (expressed in years). By dividing Vf by Vi, you can obtain the n-square of the outcome: (Vf/Vi)^(1/n). After deducting the previous result by 1, the new value is multiplied by 100%. Right now, you have the required yearly appreciation rate.
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using the t-account approach, a decrease of $25,000 in accounts receivable would result in
Debit to the operating section of cash T-account and credit to the Accounts Receivable account for $25,000
Credit is the trust that permits one party to lend money or resources to another party, with the understanding that the second party will not immediately refund the first party but will instead repay it or return the resources at a later time.
Property, commitments kept, or performances are all examples of the first party's resources. Credit is a strategy for formalizing reciprocity, making it enforceable by law, and extending it to a sizable number of unrelated parties. The resources offered might be monetary or they could be in the form of products or services.
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What is the relationship between supply/demand and price ?
Elasticity refers to the link between changes in price and the supply and demand for an item (or service). Inelastic goods are not particularly responsive to price fluctuations, whereas elastic commodities are.
What is supply, exactly?The total amount of a particular commodity or service that is offered to customers is known as the supply, and it is a fundamental economic notion. When depicted on a graph, supply can refer to the quantity that is offered at a particular price or the quantity that is offered over a range of prices. The quantity supplied is the quantity of a product that a store intends to sell at a specific price. When stating quantity supplied, typically a time period is also mentioned. As an illustration: When an orange costs 65 cents, 300 oranges are provided each week.
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How long is an innovation sprint?
An innovation sprint is a brief, focused period of time (often between two and five days) where a team develops a solid business model from an excellent idea.
An innovation sprint is what?During an innovation sprint, teams and individuals start with their business concept, investigate what makes business ideas effective, and create, test, and strengthen their business idea. You will have determined the crucial checkpoints to quicken the concept's innovation journey by the end of the sprint.
Innovation sprints shorten the time it takes to turn an excellent idea into a workable innovation project. Individuals and the innovation team step away from their primary tasks during this intense week. The method is iterative; it offers a clear and logical structure for people and teams to collect their opinions, information, and presumptions about the concept.
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What is Accenture's role in multi-party systems o consulting on new technologies for investment purposes?
helping a single company develop a data ingress platform - is Accenture's role in multi-party systems o consulting on new technologies for investment purposes
How a single company develop a data ingress platform?In Multi-party Systems, Accenture's job is to "assist a single organization in developing a data ingress platform."
A multiple-party system refers to "from me to us."Distribution network, digital identity, and finance and insurance are the fields of expertise of Accenture Blockchain and Multiparty Systems.We have developed remarkable fundamental features, tested evidence that is of value, and supported business ecosystems in establishing their original multi-party systems for each of these fields.A multi-party system, as used in political science, is a system in which many political parties compete in national elections and have the potential to win control of the government, whether independently or even as a part of a coalition.A multi-party system, as used by Accenture, refers to numerous copies of data kept by several divisions or organizations inside a company.To know more about multi-party systems refer to:
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The complete question is as follows:
What is Accenture's role in Multi-party Systems?
helping ecosystems re imagine their processes to unlock value
developing a messaging solution between two companies
consulting on new technologies for investment purposes
helping a single company develop a data ingress platform
When there is a shortage of a product in a competitive market, it is usually the case that the a. market price of the product will eventually increase. b. market price of the product will eventually decrease. c. quantity of the product exchanged in the market will not change but demand will decrease. d. quantity of the product exchanged in the market will eventually decrease.
When there is a shortage of a product in a competitive market, the price will rise until the shortage is eliminated and the quantity supplied equals quantity demanded.
According to the scenario, the most appropriate answer is option (B) because when there is a shortage of a product, the demand for the product remains the same and hence this can result in price to rise of that product.When there is a shortage of any product in the market, it is obvious to decrease in quantity supplied but it doesn't show any tendency.When there is a shortage of any product there is no chance of price to fall.When there is a shortage of any product, it doesn't matter to increase in quantity.
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What is the effect of a free-trade zone?
A free-trade zone is an area within a country where goods can be imported and exported without being subject to tariffs or other trade barriers. The effect of a free-trade zone is to increase trade and economic activity within the zone.
1 . it can increase competition by allowing firms from different countries to sell their products within the zone without being subject to tariffs or other trade barriers. This can lead to lower prices for consumers and increased efficiency for firms.
2 . it can create jobs and stimulate economic growth. The increased trade and investment that results from the removal of trade barriers can lead to the creation of new businesses and the expansion of existing ones, which can in turn create jobs and stimulate economic growth.
Overall, the effect of a free-trade zone is to increase trade and economic activity by removing barriers to trade and investment.
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Free-trade zones benefit consumers by increasing their access to cheaper and/or higher quality foreign items and by lowering prices as governments lower or do away with tariffs. Producers have access to a significantly larger pool of potential consumers or suppliers.
Free-trade zones, also known as foreign-trade zones and historically known as free ports, are locations where items may be brought in, handled, manufactured or modified, and then reexported without the involvement of customs officials. The products are not subject to the current customs duties until they are transported to consumers inside the nation where the zone is situated. Large seaports, international airports, and national borders—areas with several geographic advantages for trade—serve as the hubs for free-trade zones.
A free-trade zone's main goal is to eliminate trade barriers brought on by high tariffs and complicated customs restrictions from a seaport, airport, or border. The flexibility to build, refinish, and store products without restriction is one benefit of the system, as is the quicker turnaround of ships and airplanes due to the reduction in formalities of customs examinations.
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When stagflation occurs the economy experiences multiple choice?
Slower economic growth, increased unemployment, and higher pricing are all factors that contribute to stagflation.
Is stagflation more detrimental than recession?In contrast to a recession, which sees economic contraction and generally high unemployment but little concern over inflation, stagflation is typically defined as an economic cycle marked by consistently high inflation, high unemployment, and poor economic growth.
In terms of economics, stagflation, sometimes known as recession-inflation, is a state in which unemployment is consistently high, the economy is growing slowly, and the inflation rate is high or rising. It creates a conundrum for economic policy because measures taken to reduce inflation may make unemployment worse.
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What are examples of tax benefits?
Common tax benefits include deductions, credits, exclusions, and shelters. You can take standard or itemized deductions plus any available above-the-line deductions.
A tax is a compulsory financial burden or other type of levy imposed on a taxpayer by a government agency to fund government expenditures and various public expenditures and to ensure that the taxpayer pays the correct amount of tax.
Refers to policies and actions of individuals aimed at ensuring payment. Get the right tax credits and relief at the right time. The earliest known taxes were in ancient Egypt from 3000 to 2800 BC. Most countries have tax systems that pay for public, shared social, or agreed-upon national needs and government services.
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Normal tax benefits incorporate derivations, credits, rejections, and sanctuaries. You can take standard or organized allowances in addition to any suitable over the-line derivations.
A tax is a mandatory monetary weight or other sort of duty forced on a taxpayer by a government office to subsidize government consumptions and different public uses and to guarantee that the taxpayer pays the right measure of tax.
Alludes to policies and activities of people pointed toward guaranteeing installment. Get the perfect tax credits and alleviation at the ideal time. The earliest realized taxes were in old Egypt from 3000 to 2800 BC. Most nations have tax frameworks that compensation for public, shared social, or settled upon public necessities and government services.
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What are 3 examples of good communication when dealing with conflict management?
There are many communication strategies that can be used to manage conflicts. This includes actively listening, writing about conflicts, asking questions, developing empathy and compassion, recognizing differences, using open body language.
What are the 5 Communication Styles of Conflict Management?According to the Thomas-Kilmann Conflict Mode Instrument (TKI), used by HR practitioners worldwide, there are primarily five styles of conflict management - Collaborative, Competitive, Avoidant, Conformative and Compromising.
What are the types of conflict communication?Types of conflict and how to deal with them: task conflict. relationship conflict and conflict of values.
What are some good examples of how to deal with conflict?Listen to what the other person is saying instead of preparing a reaction. Please do not disturb others. When the other person has finished speaking, restate what they said to make sure you understand. Ask questions for better understanding
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another name for a workflow diagram is a(n) _______ diagram.
Another name for a workflow diagram is an diagram A use case C Class B activity from it uses standardized symbols.
To describe the exact steps needed to complete a process, as well as pointing out the people responsible for each step. All workflows include inputs,transformations,and outputs.Boxes, lines, arrows, and other symbols represent these components in a workflow diagram.Inputs are the resources needed to complete a step or process.Select your process.First, you'll need to determine which process you want to track, and most importantly, define start and end points,gather your information,eliminate inefficiencies,design the workflow,analyze your results. A workflow is a process definition of how an item of work should be done.A flowchart is a diagram to describe a process.Therefore, a workflow can be described by a flowchart.It may be the case that workflows are commonly described using flowcharts,which some people use as two terms interchangeably.
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