What is defined as a group of individuals working together as a team to attain shared objectives?

Study Engineering Economics and Management Test. Utilize flashcards and multiple choice questions with explanations to master the exam subjects. Prepare confidently for your exam!

The definition of a group of individuals working together as a team to attain shared objectives aligns with the concept of an organization. An organization is typically structured and coordinated to achieve common goals, bringing together diverse skills and resources in a collaborative manner. Organizations can take many forms, including businesses, non-profits, government entities, and more, and they rely on teamwork and communication to accomplish their missions.

In contrast, while a business is a specific type of organization focused on economic activities and the provision of goods and services, it does not inherently encompass non-profit groups or other associations that may not have a commercial aim. An association generally refers to a group formed for a common purpose but may not have the formal structure and goal-oriented approach typical of an organization. Management refers mainly to the process of coordinating and overseeing activities within an organization, rather than defining the group itself. Therefore, recognizing that an organization is the most encompassing term for individuals working together towards shared objectives clarifies why this is the correct choice.

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