What are some of the benefits and costs for the Gold Standard to consider when deciding whether to require certification for its engineering managers? Some of the benefits would include a streamlined process for on boarding new engineers as well as ensuring a consistent level of service when properly executed. This in turn would drive down costs and expenses providing savings for the ownership group. On the opposite side of the spectrum there is the upfront costs of implementing such a program. You need to complete a cost analysis to ensure that long term the benefits exceed the initial costs. What concerns might engineering have about such a requirement? How might these concerns be addressed? Some concerns for the team might include any costs for the program, and job security. What happens to the employee that does not pass the training the first time, how many times will they let you take the course, etc. To address these concerns, they will need to have several meetings to take questions from the team and also to provide the information. There are times when an idea is hatched that may make sense for some it is not practical to implement (Walker, 2011).

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Under the gold system either gold circulates as money or there is a fixed relationship between the amount of currency in circulation and the amount of gold given the dollar price of gold In either cas... View the full answer