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How does satisficing decision differ from maximizing decision?
Wiki User
∙ 15y ago
Satisficing decision means accepting a satisfactory, or good, result. Maximizing decision means not accepting any result except the best.
Wiki User
∙ 15y ago
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Selecting the first alternative that meets a decision makers minimum standard of satisfaction is called?
Satisficing.
Finance as a means of maximizing lifetime satisfaction?
making a decision with the most costs
Contrast the objective of maximizing earning with that of maximizing wealth?
\yes it is
Contrast the objectives of maximizing earning with that of maximizing wealth?
\yes it is
Can a decree differ from judgment?
Judgment is a decision, whereas a decree is a formal announcement of a decision, so these are similar but not identical in meaning.
Explain the term satisfice as it relates to the opretion of a large copration?
In corporate lingo, satisficing means a less than desirable solution is utilized. This is normally done in an effort to save time, since time can be costly. Satisficing usually occurs by accepting the first solution that comes along, and meets the requirements of the project.
What is the difference between optimising and non optimising or satisficeing approaches to decision making?
An optimising decision is one that makes the best or most effective use of a situation, opportunity, or resource. In our working lives we suffer from many barriers that stop us making the most effective decisions, such as a lack of information, lack of time, and political pressures. Therefore decision making comes down to a non optimised approach, where one chooses to meet satisfactory demands to meet some of the criteria needed for a decision to be made. This non optimised approach can be called satisficing, which is a decision-making strategy that attempts to meet criteria for adequacy.
Maximizing shareholder wealth means maximizing the?
Maximizing shareholder wealth means that the company reduces re-investment of profits and increases the dividend payouts. Dividend payouts are the benefits paid out to shareholders after a financial period.
How do you find profit maximizing level of output?
The best way to find the profit maximizing level of to calculate it using the profit maximizing formula. To calculate it you need to know margins and how long it takes you to do each task.
What is beneficial ism?
Beneficialism is a moral theory that evaluates the rightness or wrongness of actions based on their consequences, specifically on the amount of benefit or happiness they produce. It emphasizes the importance of maximizing benefits and minimizing harm in decision-making.
What are the principles of agency theory?
Agency theory focuses upon relationships between parties where one delegates some decision-making authority to the other. The principal would delegate some decision making authority to the agent who, in turn, would be responsible for maximizing the principal's investment in exchange for an incentive, such as a fee.
How does an opportunity cost differ from a trade -off?
Trade-off uses the gun's and butter decision while opportunity cost is the most desirable alternative insted of the gun's and butter decision :)
