Questions

SOP means Standard Operating Procedure.

A standard operating procedure is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations. SOPs aim to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply with industry regulations.

Every SOP must have the signature of the approving authority within your chain of command before it is a legal document.

Market failure arises because it is not possible for the market to correctly weight cost and benefits in a situation in which some of the cost is completely unaccounted.

Demand-side market failures happen when demand curves do not reflect consumer’s full willingness to pay for goods or services.

Supply-side market failures occur when supply curves do not reflect the full cost of producing a good or services.

Grammy Award is given in the field of Music industry by The Recording Academy of the United States.

Burning the candle at both ends meaning is to overwork starting early in the morning and staying till late nights.