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Contrast the three decision making conditions?
The three decision-making conditions are certainty, risk, and uncertainty. In a condition of certainty, the decision-maker has complete information and can predict outcomes accurately. In a risk condition, the decision-maker has some information and can estimate probabilities of different outcomes, allowing for informed choices. In uncertainty, the decision-maker lacks sufficient information about possible outcomes, making it difficult to evaluate options effectively, often leading to reliance on intuition or heuristics.
What are three factors of production?
Factors of production are the resources used in producing goods and services. The three factors of production are land, capital and labor.
What are the three subdivision of indirect production?
Well, darling, the three subdivisions of indirect production are auxiliary production, complementary production, and joint production. Auxiliary production involves producing goods or services that support the main production process. Complementary production involves producing goods or services that are used together with the main product. Joint production involves producing multiple products from the same production process. Hope that clears things up for you, sweetie.
What is the limitation of cost based data in decision making?
The major limitation of using cost-based data in decision making is that most cost-based data is backwards looking or historical and decisions are made for future actions. If there is a possibility that future costs would be different (e.g., a commodity like oil is used in the production process), there is a likelihood that the decision may be different as well. One way to minimize the limitation is to perform sensitivities on each cost basis to better understand how risky a future change in costs may be. From there, define three or four scenarios (many companies look at the worst case, expected case, target case and best case) and determine if a decision would be different in any of those cases. Finally, weight the likelihood of each case to determine what decision will be best for the company.
Describe the production function with one variable input and explain the relationship between TPMP and AP curves and the three stages of production?
there are three stages of production mp>ap
Contrast the three decision making conditions?
The three decision-making conditions are certainty, risk, and uncertainty. In a condition of certainty, the decision-maker has complete information and can predict outcomes accurately. In a risk condition, the decision-maker has some information and can estimate probabilities of different outcomes, allowing for informed choices. In uncertainty, the decision-maker lacks sufficient information about possible outcomes, making it difficult to evaluate options effectively, often leading to reliance on intuition or heuristics.
There are three different types of work done in primary production . Name one of them?
One of the three different types of work done in primary production is "farming".
What are three different fuels used for the production of electricity?
Petroleum, coal and gas.
Are Coca-Cola production facilities centralized or decentralized?
Is starbucks production faclities centralized or decentralized?
What are the three main decision areas in business finance?
The three main decision areas in business finance are:Investment decision,Financing decision and Dividend decision
What was the Production Budget for Three Kings?
The Production Budget for Three Kings was $48,000,000.
What was the Production Budget for Three to Tango?
The Production Budget for Three to Tango was $20,000,000.
What are the three branches of production?
What is the branches of production
What are the types of food production systems?
There are so many different types of production process. However, the main ones are only three namely batch production, job production and flow production.
How does production department and finance department work together give an example?
Corporations all have different approaches regarding the communications between production, finance and the accounting departments. Generally speaking, should top level management decides to increase production of a particular product, they will consult the production department as to the feasibility of this task. Assuming that production has the necessary assets to follow top management's decision, the production department will inform the finance department and or Accounting department as to the new costs of implementing the increased production. The finance department can determine if there is cash on hand to carry this out or whether the company's credit line will have to be utilized to provide the funds. Accounting plays a role as this department can speak about the anticipated accounts receivables. Once the three departments can reach a consensus on the costs of increased production & how it will be financed, they will report this information to top management for their final decision.
What are the three elements of moral decision making?
The three elements of decision are; 1) Ability 2) Will 3) Knowledge
What was the Production Budget for The Three Musketeers 3D?
The Production Budget for The Three Musketeers 3D was $90,000,000.
