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Rational decisions usually lead to positive or desirable outcomes. An irrational decision may lead to a bad outcome. For example if I want to visit Australia, I could book an airline ticket...or swim! One of these choices is rational the other not so much.
What else can I help you with?
In making decisions to plan for hazards what must be considered in addition to the cost and benefits?
The damages
What is the definition of the economic perspective?
The making of purposeful decisions in the context of marginal costs and marginal benefits.
In making control decisions the decision maker must have authority to do what?
Determine whether the benefits of the mission outweigh the reduced level of risk.
In making control decisions the decision-maker must have authority to do what?
Determine whether the benefits of the mission outweigh the reduced level of risk.
Rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs?
Rational Decision making occurs when marginal benefits of an action exceed the marginal costs
What is opportunity cost and how does it factor into making economic decisions?
Opportunity cost is the value of the next best alternative that is given up when a decision is made. It factors into making economic decisions by helping individuals and businesses weigh the benefits and drawbacks of different choices and make informed decisions based on what they value most.
What do many companies overlook when making information system investment decisions?
Benefits from the new systemOrganizational disruption costsSocial and organizational dimensionsAll of the above
What are the benefits of studying international business?
There are many benefits of studying international business. As a business person, you will be able to look at the business trends from different parts of the world which will help in making crucial decisions for your business.
Explain how a benefit to risk assesment applies to making appropriate decisions in driving?
it is termed as a calculated risk. you balance up the risks with the benefits of the travel.
How does cost-benefit analysis inform and guide the process of making economic decisions?
Cost-benefit analysis helps decision-makers weigh the potential costs and benefits of different options to determine the most efficient and effective choice. By comparing the expected costs and benefits, decision-makers can make informed decisions that maximize benefits while minimizing costs.
In CRM the purpose for developing controls and making risk decisions is to?
The purpose for developing controls and making risk decisions is to determine whether the risk is reduced enough that the benefits outweigh the risk of loss .
What is an economic perspective?
Economic perspective is a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.
