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Why is demand estimation and forecasting important for managerial decision making?
why is demand estimation and forecast important for managerial decision making
Is opportunity cost a beneficial concept or a hindrance in decision-making?
Opportunity cost is a beneficial concept in decision-making because it helps individuals weigh the benefits of choosing one option over another. By considering what is given up when making a decision, individuals can make more informed choices that align with their priorities and goals.
How does the concept of rational behavior, which assumes that a consumer will try to use resources efficiently, impact their decision-making process when making purchasing choices?
The concept of rational behavior, which assumes that a consumer will try to use resources efficiently, impacts their decision-making process when making purchasing choices by influencing them to weigh the costs and benefits of different options before making a decision. Consumers are more likely to make choices that maximize their utility or satisfaction based on their preferences and budget constraints.
Why is it important to consider your values when you make a decision?
it is important because when you are making a decision you need to know that you are making the right one and not just going to the wrong one like stealing from a store or saying no.
What is the concept of increasing opportunity cost and how does it impact decision-making processes?
Increasing opportunity cost is the idea that as you choose to allocate resources towards one option, the potential benefits you could have gained from choosing another option increase. This concept impacts decision-making processes by forcing individuals to weigh the trade-offs and consider the value of each alternative before making a choice. As opportunity costs rise, decision-makers must carefully evaluate their options to ensure they are making the most beneficial decision.
How the cost concept is important for decision making?
to know if the project can be executed or not. its the window opener to help ensure that the resources are available.
Behold, I give you authority: How does the concept of authority impact your decision-making process"?
The concept of authority can influence decision-making by providing a sense of power or responsibility that guides choices.
Issues in strategic decision making?
§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.
Why are values important when making a decision?
It is important to remember your values when making a decision as otherwise, the decision you make will not help you as it will not be based around your life.
Concept of human behavior in an organization?
fellowship, communication and decision making
Why is demand estimation and forecasting important for managerial decision making?
why is demand estimation and forecast important for managerial decision making
Is opportunity cost a beneficial concept or a hindrance in decision-making?
Opportunity cost is a beneficial concept in decision-making because it helps individuals weigh the benefits of choosing one option over another. By considering what is given up when making a decision, individuals can make more informed choices that align with their priorities and goals.
How can the concept of "better is the enemy of good" be applied in decision-making processes?
The concept of "better is the enemy of good" suggests that striving for perfection can hinder progress. In decision-making, this means that constantly seeking the best option may lead to delays or missed opportunities. It is important to recognize when a good solution is sufficient and to avoid getting stuck in the pursuit of an elusive perfect outcome.
What is the concept of universal good and how does it impact our decision-making processes?
The concept of universal good is the idea that there are certain principles or values that are universally beneficial or right for all people. This concept can impact our decision-making processes by guiding us to consider the greater good or common welfare when making choices, rather than just focusing on our own individual interests. It encourages us to think about the consequences of our actions on others and society as a whole, leading to more ethical and responsible decision-making.
What lobes are important for decision making and judgement?
Frontal (Apex)
Which capability is most important to safe driving?
Decision-making
How is information important in each stage of decision making?
because it is
