Explicit costs Include the market value of all resources used to produce a good.
Explicit costs are regular business expenses that are recorded in the general ledger of a firm and have a direct impact on its profitability. They have specific monetary values that are carried over to the income statement. Wages, leasing payments, utilities, raw materials, and other direct costs are a few examples of explicit costs.
When developing long-term strategic goals for a business or just gauging its profitability, explicit cost might be useful. Understanding how this metric differs from implicit costs will help you comprehend, define, and determine the overall economic cost.
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a pharmaceutical company expects its employees to work long hours and achieve increased production rates. employees earn one and a half times the usual hourly rate for working more than 40 hours in one week. which law is the company abiding by in this scenario?
Delayering is the process of eliminating a hierarchy level or levels from an organizational system. Middle manager-containing layers are frequently the ones that are deleted.
What are the reasons for Delayering?Delayering is the process of reducing layers of hierarchy from the top to the bottom in order to increase operational effectiveness, cut down on labor costs, and reduce red tape.
Delayering often involves the removal of middle managers to give senior managers easier access to the entire organization.
Increases in engagement and motivation are two frequently mentioned benefits of delayering because greater power is given to workers "on the ground" to make decisions rather than receiving orders from middle managers.
If there are fewer levels of information that can get lost in translation, communication may also improve.
Bottom-up input may also improve as employees feel like their opinions have a better chance of being heard by decision-makers.
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Managed foodservice differs from commercial foodservice in that:
A: Both are used to describe foodservice in hotels
B: Managed foodservice includes only restaurants
C: Commercial foodservice includes restaurants only
D: Commercial includes only chain restaurants
E: Managed foodservice is mostly contracted
Answer: E
Explanation: Managed food service is mostly contracted, commercial foodservice operations have a less consistent volume of business, don't cook in batches, and consider foodservice as their primary business.
Managed food service differs from commercial food service in that managed food service is mostly contracted. Thus, option (e) is correct.
What is food?The term “food” refers to an edible and consumable material that provides the body with nutrition and vitamins to maintain itself. Plants, humans, animals, and birds all typically eat food. fruits, vegetables, legumes, dairy, and other nutrient-dense foods.
Managed food service is mostly contracted, commercial food service operations have a less consistent volume of business, don't cook in batches, and consider food service as their primary business. Managed service operators must meet the needs of both the guest and the client. Managed services are services that can be leased to professional management companies.
Therefore, option (e) is correct.
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Online contracts must be displayed:
a. in color. b. in a readable format. c. in black and white. d. in large font.
Online contracts must be displayed in a readable format.
Online contracts and privacy policies are pre-written, standardized agreements that cannot be changed and they should be in a readable format. This format will enable an individual to easily read the contract and understand it well so as to know what the individual is getting into before signing.
Nevertheless, they have legal force. They operate under the presumption that users have the option to reject these agreements. Online electronic contracts eliminate the need for paper by allowing the agreement to be viewed and signed digitally. As an illustration, imagine creating a contract for goods or services on a computer and emailing it to a company. The contract is then read, electronically signed, and accepted by an authorized representative of the business through email.
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What are the 3 types of machine learning?
Reinforcement learning, unsupervised learning, and supervised learning are the three types of machine learning.
How does computer learning operate?
The capacity of a machine to replicate intelligent human behavior is a subfield of artificial intelligence known as machine learning.
Artificial intelligence (AI) technologies are employed to complete challenging jobs in a way that is comparable to how individuals solve problems.
What are the leading three ML model types?
The three ML model types that Amazon ML offers are binary classification, multiclass classification, and regression. You should choose a certain type of model depending on the type of target you want to predict.
What objectives does artificial intelligence serve?
Machine learning is utilized by websites that provide personalized recommendations, spam-free email filters, internet search engines, and banking software.
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In terms of the tax formula applicable to individual taxpayers, which of the following statements, if any, is correct?
a. In arriving at AGI, a taxpayer must elect between claiming deductions for AGI and deductions from AGI.
b. In arriving at taxable income, a taxpayer must elect between claiming deductions for AGI and deductions from AGI.
c. If a taxpayer has deductions for AGI, the standard deduction is not available.
d. In arriving at taxable income, a taxpayer must elect between deductions for AGI and the standard deduction.
e. None of these.
In terms of the tax formula applicable to individual taxpayers,
The correct answer is a. In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions.
A taxpayer is anyone who owes taxes to the federal, state, or municipal governments, whether they are an individual or a corporation. Governments primarily obtain their funding through taxes, which are levied on both citizens and companies.The word "taxpayer" comes from a time when buildings were built at a low cost in densely inhabited areas so that property owners could reclaim their property taxes.Taxpayer money is it?
Money held by taxpayers, whether they are people or companies, is referred to as taxpayers' money. Public funds are all sums of money that the government invests or spends in order to meet current or future demands.
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What are 5 factors that indicate the economy is growing?
There are five factors that indicate the economy is growing as :
Natural Resources, Deregulation, Technology, Human Resources, Infrastructure.
Now, According to the question:
Let's know:
What do you mean by economic growth?
Economic growth – measured as an increase of people's real income – means that the ratio between people's income and the prices of what they can buy is increasing: goods and services become more affordable, people become less poor.
There are five factors that indicate the economy is growing as follows:
Natural Resources. Natural resources are the number one factor that spurs economic growth. Deregulation. People were meant to trade with each other. Technology. Technology has always played a pivotal role in economic growth. Human Resources.Infrastructure.Learn more about Economy Growth at:
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What are 4 essential components of Agile programing?
The daily standup, together with User Requirements, Project Retros, and Work-in-Progress Limits, is the Agile methodology that marketing teams use the most frequently.
What does programming Agile mean?The term "agile software development" refers to a collection of iterative software development approaches in which requirements and solutions are developed in concert by self-organizing cross-functional teams.
Can you program in Agile?A programming language is not agile. Not even a framework, agile. Agile is best characterized as a method of thinking or as a set of rules to guide developers in producing work that is effective and long-lasting. People and interactions come before procedures and equipment.
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g which of the following is the best example of a quota? a. a subsidy from the u.s. government to domestic manufacturers of men's suits so they can compete more effectively with foreign producers of men's suits b. a limit imposed on the number of men's suits that can be imported from a foreign country c. a $100-per-car fee imposed on all small imported cars d. a tax placed on all small cars sold in the domestic market
A $100-per-car fee imposed on all small imported cars is the best example of a quota.
Which of the following quota examples is the best?The finest illustration of a quota is a $100 levy per car placed on all small imported autos.An import or export quota limits the movement of certain items. The fee of $100 per car levied on all tiny imported cars is the greatest illustration of a quota. This prohibition on auto imports seeks to restrict the quantity of vehicles that can reach the domestic market.Additionally, quotas might be utilised to defend homegrown producers. For instance, restricting the quantity of men's suits that can be imported from outside would shield native manufacturers of men's suits from international competitors.Similarly, domestic automakers may be given a subsidy in the form of a tax on all small cars sold on the home market, enabling them to compete more successfully with foreign automakers.The finest illustration of a quota is a tax imposed on all small imported vehicles. A quota is a restriction on the import or export of products. Limiting the amount of foreign items that can be imported is another way that quotas can be utilised to protect home companies.To learn more about the best example of a quota refer to:
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What does the data analytics lifecycle help you do when working on a big data project?
The process of creating, gathering, processing, utilizing, and analyzing data in order to accomplish organizational goals is covered by the data analytics life cycle.
It offers a methodical approach for handling data so that it can be transformed into knowledge that may be applied to projects and organizational objectives.
Analyzing data collections to identify trends and make judgements about the knowledge they contain was known as data analytics (DA). Data analytics has been increasingly carried out with the use of specialist hardware and software.
The statistical method in data science would be a tool to gauge how closely related or unrelated data samples were to one another. The dissimilarity measure, while on the other hand, reveals how different the data objects were. Furthermore, when related data samples are gathered within one cluster, these phrases are frequently employed in clustering.
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What is the best usage of credit?
Maintaining it below 30% is optimal because a low utilization ratio is recommended. The most prevalent type of credit is revolving credit, sometimes called open-end credit.
What is credit usage?Your credit usage rate is the ratio of the total amount of installment loans you have available to the amount of available debt that you are now utilizing in making various purchases.
The Consumer Financial Protection Bureau reports that experts advise keeping your credit use to no more than 30% of your available credit. Creditors and credit card companies are informed when CUR is 0% that you are not making any transactions with your card.
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if a fixed asset, such as a computer, were purchased on january 1 for $2,072 with an estimated life of 4 years and a salvage or residual value of $179, the journal entry for monthly expense under straight-line depreciation is a. account debit credit accumulated depreciation 39.44 depreciation expense 39.44 b. account debit credit depreciation expense 39.44 accumulated depreciation 39.44 c. account debit credit accumulated depreciation 473.25 depreciation expense 473.25 d. account debit credit depreciation expense 473.25 accumulated depreciation 473.25
The journal entry for the depreciation under the straight - line method, on a monthly basis, will be a. account debit credit accumulated depreciation 39.44 depreciation expense 39.44
How to find the depreciation ?Subtract the asset's cost from its salvage value (what you anticipate it to be worth at the end of its useful life) to determine depreciation using the straight-line technique. The amount that can be depreciated, or the depreciable basis, is the outcome. Subtract this sum from the asset's useful life, which is measured in years.
The annual straight-line depreciation on this fixed asset would therefore be:
= ( Purchase price - Residual value ) / Estimated useful life
= ( 2, 072 - 179 ) / 4
= $ 473 .25
The monthly depreciation is:
= 473. 25 / 12
= $ 39. 44
This would be debited to the depreciation expense account and then credited to accumulated depreciation.
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What are the 5 ways to recycle?
Reuse Your Plastic Coffee Creamer Containers for Snack Storage, Make a Plastic Bottle Planter, Start a Herb Garden With Empty 2-Liter Bottles , Make a Beach Bucket From Laundry Detergent Containers and Reuse Soda Bottles by Creating a Vertical Garden.
Why is recycling good for the environment?Recycling reduces the amount of waste that ends up in landfills, as is well known, but it also prevents pollution from being produced when a raw material is used to create a new product, which reduces the amount of energy and natural resources that are required in production.
Why recycling is crucial is straightforward.Recycling lessens the need for obtaining raw materials through mine, quarrying, and logging, as well as their further refinement and processing, all of which result in significant air and water pollution. Recycling helps combat climate change because it cuts greenhouse gas emissions and saves electricity.
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What tools or procedures would you use to diagnose troubleshoot and improve the performance of a real time application?
Use AI and ML to quickly identify anomalies and fix problems before they have an impact on end customers. Improve user experience by quickly deploying and troubleshooting cloud application performance.
How is application performance troubleshooted?Inadequate bandwidth is also a result of increased application traffic, and hardware problems like malfunctioning gateways, firewalls, and switches can slow down an application. The slow-running apps should be given priority, and maintaining pristine technology will assist resolve the network problem.
What do performance tools entail?HR software called performance management tools assists firms in tracking employee performance in a standardized and quantifiable manner. It makes certain that bridge departments are successfully and cooperatively pursuing the same corporate objective.
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One problem with business-to-business e-procurement is that it _______.
A.
increases paperwork requirements
B.
increases transaction costs
C.
reduces purchasing efficiency
D.
increases the time between order and delivery
E.
can erode long-standing customer-supplier relationships
One problem with business-to-business e-procurement is that it can erode long-standing customer-supplier relationships. While B2B e-procurement offers many advantages, it also has some disadvantages.
One such problem is that it can disrupt long-term customer-supplier relationships. Indeed, e-procurement often involves the use of third-party vendors or web-based platforms, which can undermine the trust that has been built up over time between the customer and its supplier. E-procurement can also increase transaction costs because both the customer and the supplier must pay fees to third-party suppliers. All of these factors can lead to disruption of customer-supplier relationships, which can be detrimental to both the customer and the supplier.
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Which sensor is an electronic device that measures the distance between the road and a particular point on the vehicle's suspension chassis or body?
The suspension ride height sensor is an electronic device that measures the distance between the road and a particular point on the vehicle's suspension, chassis or body
The distance between the bottom of an automobile tyre and the lowest point of the vehicle, which is typically the axle, is known as suspension ride height sensor or ground clearance. More precisely, this term refers to the shortest distance between a flat, level surface and the lowest part of a vehicle other than those parts designed to make contact with the ground (such as tires, tracks, skis, etc.). For autos, the standard equipment is used to measure ground clearance, which is typically provided without any cargo or passengers. A vehicle's ground clearance plays a key role in a number of crucial aspects. Variations in clearance constitute a trade-off between handling, ride quality, and practicality for all vehicles, but especially for cars.
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How does Fed pay banks?
The FED pays interest to banks on their deposits using the proceeds from these securities and other sources of income.
The Federal Reserve pays interest to banks for what reason?A typical monetary policy tool available to major central banks is the payment of interest on bank reserve holdings. In late 2008, the Federal Reserve was given permission by Congress to begin paying interest on bank deposits. The Federal Reserve has since given interest on those deposits. The IORB rate, which is decided by the Board of Governors, aids in carrying out the monetary policy choices made by the FOMC. The Federal Reserve pays this interest rate on reserve balances.IORB rate adjustments assist in bringing the federal funds rate within the desired range.
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which of the following shifts aggregate demand to the right? a. an increase in the price level b. an increase in the money supply c. a decrease in the price level d. a decrease in the money supply
Correct option is B, a increase in the money supply shifts aggregate demand to the right.
What is the Money Supply?The money supply is the total amount of cash and other liquid assets in an economy on the measurement date. The money supply roughly consists of both physical currency and deposits that may be accessed almost as quickly as physical currency.
Governments print and issue coin and paper money through a combination of their central banks and treasuries. Bank regulators control how much money is available to the general public by setting reserve holding requirements on banks, prescribing how to extend credit, and managing other monetary difficulties.
The money supply is the total amount of currency or cash used in a given economy.
Non-cash assets like credit and loans are taken into account in a number of assessments of the money supply.
All other things being equal, monetarists assert that increasing the money supply causes inflation.
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question content area disposal of fixed asset equipment acquired on january 6 at a cost of $400,200 has an estimated useful life of 10 years and an estimated residual value of $52,200. question content area a. what was the annual amount of depreciation for years 1-3 using the straight-line method of depreciation?
The actual sum of depreciation and amortization attributed to a particular asset since the asset is put into use is known as accumulated depreciation.
Which asset do you mean?An investment is something that has both current and potential value. An asset, such as a machine or equipment, a financial instrument, or a patent, can frequently produce cash flows over time. Homes, cars, investments, works of art, and household goods are examples of personal property.
Is a property a liability or an asset?A residence still belongs in the asset category according to the financial criteria of an asset and a liability. Consequently, it's crucial to always consider your property and mortgage as two independent businesses (an asset and a liability, respectively). In the end, your home is where you live.
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For which of the following needs are traditional deferred annuities best suited? a. liquidity needs b. long-term health-care needs d. retirement planning d. short-term accumulation
Retirement planning is the needs that are traditional deferred annuities best suited. Thus, option D is correct.
What are annuities?An annuity is a collection of payments made at regular intervals in the financial world. Regular savings account deposits, monthly home mortgage financing, monthly insurance payments, and pension payments are all examples of annuities.
The frequency of instalment dates distinguishes annuities. Annuities are primarily used to supplement more traditional retirement income sources such as Social Assistance and pension plans. Traditional deferred annuities are best suited to retirement planning requires.
Therefore, option D is correct.
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What are PACS and explain what they do?
PACS means political action committee. It is formed with a objective to collect funds from member of committee and then distributing it on the campaign of political candidates in order to make them win.
In 1943, when US government forbade unions to donate personally in political campaign, then PACs was formed. PACs also known political action committee is an organization formed with the motive to make a candidate win the election or defeat the other candidate by organizing the funds from its members, organization, association and individuals etc. It give funds to political drives, law making body, ballot etc. There are mainly five type of political action committee: Separate Segregated Funds, Nonconnected committees, Super PACs, Hybrid PACs and Leadership PACs. According to law, political action committee is not allowed to contribute more than 5000 dollar to a candidate.
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Which 2 of these datasets can be visualized using custom charts in the performance center?
The two datasets can be visualized using the custom charts in the performance center are: Accounts receivable Return on assets Inventory turnover and Expenses Debt to Equity
For nearly anything, including sales reps, customer kinds, vendor IDs, PO numbers, and information specific to your business, you may build custom fields in QuickBooks Online Advanced. Sales forms, purchase orders, expense reports, customer and vendor profiles all support the addition of custom fields.
It enables you to view your financial data as charts, which can be simpler to comprehend than just numbers. You can generate graphs for your sales, business finances, receivables, or budgets. Being able to assign each transaction from your firm to a category based on the requirements of your particular business is made possible by having a customised chart of accounts.
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the rn is developing new negotiation skills. which strategy does the rn emphasize when working with other team members?
Negotiation is a dialogue between two parties to resolve conflicts or issues so that both parties find the solution acceptable.the rn is developing new negotiation skills.
Agribusinessmen must be adept at calculating, hence they must be mathematicians. Agribusiness owners must sell their products in the market, thus they must be skilled at marketing. Because an agribusinessman must handle numerous operations at once, such as acquiring raw materials (seed, water connection, manure, farming equipment, etc.), selling produce, and working in the field, he/she must be a competent manager with managerial abilities. Because agribusinessmen must market their products, they must be skills communicators.
the rn is developing new negotiation skills. which strategy does the rn emphasize when working with other team members?
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Case study:
Managing Inventory at Frito-Lay
Frito-Lay has flourished since its origin—the 1931 purchase of a small San Antonio firm for $100 that included a recipe, 19 retail accounts, and a hand-operated potato ricer. The multi-billion-dollar company, headquartered in Dallas, now has 41 products—15 with sales of over $100 million per year and 7 at over $1 billion in sales. Production takes place in 36 product-focused plants in the U.S. and Canada, with 48,000 employees.
Inventory is a major investment and an expensive asset in most firms. Holding costs often exceed 25% of product value, but in Frito-Lay’s prepared food industry, holding cost can be much higher because the raw materials are perishable. In the food industry, inventory spoils. So poor inventory management is not only expensive but can also yield an unsatisfactory product that in the extreme can also ruin market acceptance.
Major ingredients at Frito-Lay are corn meal, corn, potatoes, oil, and seasoning. Using potato chips to illustrate rapid inventory flow: potatoes are moved via truck from farm, to regional plants for processing, to warehouse, to the retail store. This happens in a matter of hours—not days or weeks. This keeps freshness high and holding costs low.
Frequent deliveries of the main ingredients at the Florida plant, for example, take several forms:
Potatoes are delivered in 10 truckloads per day, with 150,000 lbs consumed in one shift: the entire potato storage area will only hold 7½ hours’ worth of potatoes.
Oil inventory arrives by rail car, which lasts only 4½ days.
Corn meal arrives from various farms in the Midwest, and inventory typically averages 4 days’ production.
Seasoning inventory averages 7 days.
Packaging inventory averages 8 to 10 days.
Frito-Lay’s product-focused facility represents a major capital investment. That investment must achieve high utilization to be efficient. The capital cost must be spread over a substantial volume to drive down total cost of the snack foods produced. This demand for high utilization requires reliable equipment and tight schedules. Reliable machinery requires an inventory of critical components: this is known as MRO, or maintenance, repair, and operating supplies. MRO inventory of motors, switches, gears, bearings, and other critical specialized components can be costly but is necessary.
Frito-Lay’s non-MRO inventory moves rapidly. Raw material quickly becomes work-in-process, moving through the system and out the door as a bag of chips in about shifts. Packaged finished products move from production to the distribution chain in less than 1.4 days.
Questions:
How does the mix of Frito-Lay inventory differ from those of a machine or cabinet shop (a process-focused facility)?
In your opinion, why does inventory flow so quickly through a Frito-Lay plant?
Explain FOUR (4) types of inventory available in Frito-Lay.
Discuss FOUR (4) importance of forecasting for operation management functional area of an organization.
Frito-Lay store in North Georgia stocks chips in its warehouse and sells it through an adjoining outlets. The store keeps several types of chip in stock, however its biggest seller is Super Ring Chip. The store wants to determine the optimal order and total inventory cost. Given the annual demand of 10, 000 boxes of Super Ring Chip, an annual carrying cost of $0.75/ pounds and ordering cost of $150. The Frito-Lay store would also like to know the number of orders that will be made annually and the time between orders. Given the store is open every day except Sunday and new year.
The optimal order quantity per order.
The minimum total annual inventory costs.
he optimal number of orders per year.
The optimal time between orders (in working days).
Inventory is regarded as a current asset in accounting since finished goods are often sold within a year of production.
What is an Inventory?Both the raw materials used in production and the finished commodities that are offered for sale are included in the definition of inventory.
One of a company's most valuable assets is its inventory because it is one of the main sources of revenue generation and, consequently, a source of profits for the company's shareholders.
There are three different categories of inventory: finished commodities, work-in-progress, and raw materials. On the balance sheet of a company, it is listed as a current asset.
Inventory is a crucial asset for any business. It is described as the assortment of raw materials or completed products that a company maintains throughout the normal course of operations.
Raw materials, work-in-progress (WIP), and finished goods, or those that are prepared for sale, are the three main kinds of inventory.
As was already said, inventory acts as a stopgap between order fulfillment and manufacturing and is recorded as a current asset on a company's balance sheet.
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Contribution margin
O equals sales revenue minus variable costs.
O is always the same as gross profit margin.
O excludes variable selling costs from its calculation.
O is calculated by subtracting total manufacturing costs per unit from sales revenue per unit.
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D is the right response. Revenue from sales less variable costs is the contribution margin.
The sales price less the variable costs per product is the contribution margin in the economy. It is the profit margin per product that is left over after covering (paying) the fixed expenses.
Contribution margin is the amount of income that remains after an organization has paid for the variable costs necessary to produce that revenue.
It is a crucial component of a company since it in some way illustrates its capacity to cover fixed costs like interest and other expenses.
It's critical for an entrepreneur that all production costs are paid.
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What to do if your delivery is late?
If your delivery is late, the first step you should take is to contact the company or individual responsible for the delivery to determine the reason for the delay and when you can expect to receive the delivery.
You may be able to resolve the issue by speaking with a representative or by providing additional information, such as a correct delivery address or a new delivery date.
If the delay is due to circumstances beyond the control of the company or individual responsible for the delivery, such as inclement weather or a natural disaster, there may not be much that can be done to expedite the delivery. In these cases, it is best to be patient and wait for the delivery to arrive.
If the delay is due to a mistake made by the company or individual responsible for the delivery, such as an incorrect address or a missed delivery, they may be able to offer you compensation or a discount to make up for the inconvenience.
If you are unable to resolve the issue or if you are not satisfied with the resolution offered, you may want to consider seeking the assistance of a consumer protection agency or hiring an attorney to help resolve the matter.
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who should be involved in risk management acvies? a) only project team. b) only project manager. c) as many stakeholders as praccal. d) all stakeholders except clients.
C). As many stakeholders as practical should be involved in risk management acvies.
Risk management activities should involve as many stakeholders as possible. This is because risk management is all about identifying potential risks, developing strategies to mitigate those risks, and ensuring that the project is completed on time and within budget.
Involving stakeholders will help to ensure that all potential risks are accounted for and that the most effective strategies are developed to mitigate the risks identified.
In addition to the project team, stakeholders such as sponsors, customers, and other project-related personnel should also be involved in risk management activities. This will help to ensure that everyone is aware of the risks and that everyone is working together to develop strategies to mitigate them.
By involving all stakeholders, it will be easier to identify potential risks and to develop effective strategies to mitigate them. This will also help to ensure that the project is completed within the given timeline and budget.
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Group of answer choices:
Answer: No answer
Explanation: There's no question and no group of answer choices
What part of the problem-solving process involves thinking about what you would do differently next time?
Question 3 options:
Select the best solution
Evaluate the solution
Execute the solution
Identify consequences
consumers use rational decision-making processes ______.
consumers use rational decision-making processes from time to time.
When consumers identify a gap between their desired and actual states, they engage in decision-making processes. If the desired and actual states differ significantly, a problem is identified and an information search is launched. There are 5 basic ways in the consumer decision-making process. This is the process by which consumers evaluate whether or not to make a purchase. Problem identification, information search, alternative evaluation, purchase decision, and post-purchase evaluation are the five steps. The study of individuals, groups, or organisations, as well as all activities associated with the purchase, use, and disposal of goods and services, is known as consumer behaviour. Consumer behaviour refers to how a consumer's emotions, attitudes, and preferences influence their purchasing decisions.
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Accounts Receivable and Collection for the Medical Practice
O. lowering your voice
O referring him/her to your supervisor
O. lowering your voice and slowing your speech
Accounts Receivable and Collection for the Medical Practice by lowering your voice and slowing your speech.
What is Medical Practice?A legitimate, integrated corporate entity is referred to as a "medical practice" if it has one or more doctors working as partners, shareholders, owners, members, or employees.
The definition of a good doctor is one who practices good medicine. Making your patient's care your first priority is what it advises you should do in order to be a good doctor. Be competent and maintain your knowledge and abilities current in your field.
According to the OED's definition, the word's original meaning was "to pursue or be engaged in." When we refer to practicing law or medicine, we still mean what it meant when it was first used in a document in 1421.
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