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What is important to know before a person makes a decision related to his available resources?
Wiki User
∙ 13y ago
Use this decision-making model:
1. Set a goal
2. Identify the alternatives (possibilities)
3. Identify the obstacles (limited resources, such as time or money)
4a. Identify costs and benefits (pros and cons)
4b. Evaluate
5. Rank the alternatives
6. Choose the best alternative
7. Evaluate the consequences
Consequences will include things like the opportunity cost, i.e. the next best alternative, or if the best alternative uses up more of one resource than another.
Wiki User
∙ 13y ago
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Why is macroeconomics important in managerial economics?
It can be important when the decisions of management are related to the whole of the social system. A possible change in the forecast of the progress of the macro-economy can result in the need for the managemental decision-making to re-align with it.
What are the economic resources of the gulf coast plains?
Economic growth in the piney woods region occurred thanks to the presence of two vital natural resources- wood and oil. Lumbering is a particularly important economic activity in this part of Texas, and lumber-related buisnesses are the most important industries here.
How scarcity and choice related?
Due to scarcity, choices have to be made. Choices will be made after the opportunity cost of a decision is weighed up.Example: you need a drink. you have just enough for one can of drink. the choice is coca cola or pepsi. You want both - because you are human - but you have scarce resources - money. You have to make a choice. You choose coke - so therefore the can of pepsi becomes your opportunity cost - its what you could have had, but because of your decision, you missed out on it.
Relationship of economics with other subject?
Economics, the study of how to locate resources, is related to the social sciences, natural sciences, and humanities. Economics is important in the study of political science, when studying the structure and functions of governments and how they relate to each other. Economics is related to history when studying imperialism, class conflicts, labor, and historic economies.
How managerial economics is related to the decision making?
In managerial economics, managers in depth analyze all the economic situation of the country. After the in depth analysis they take the decisions. In this way economics is integrated with decision making.
How are changes in populations related to the availability of an ecosystems resources?
Population sizes are limited by the amount of resources that are available.
Where can you find something like Rosetta Stone online for free?
See Related Links below for a few resources available.
What is important to know before a person makes a decision related to his a available resources?
Use this decision-making model: 1. Set a goal 2. Identify the alternatives (possibilities) 3. Identify the obstacles (limited resources, such as time or money) 4a. Identify costs and benefits (pros and cons) 4b. Evaluate 5. Rank the alternatives 6. Choose the best alternative 7. Evaluate the consequences Consequences will include things like the opportunity cost, i.e. the next best alternative, or if the best alternative uses up more of one resource than another.
What is the email address to allstate human resources?
The email address for Allstate Human Resources isn't readily available. See the Related Link below to access their site concerning a career with their company.
In decision support system why are the applications not included?
Decision Support System (DSS) gathers information from several resources, and an application is only one resource. Refer to the related link below for more information This is because you are not making decisions you are supporting them
What are the examples of basic research related in business?
Psychological studies of decision making that led to important finding in the fields of education, medicine, and economics
Where can one get information about Blackberry tricks?
Information on Blackberry tricks are available through several resources, specifically online and technology related mobile magazines. Online resources include BlackBerry, PcWorld, Pocket-lint and TechRadar.
Why politics related to your resources?
Politics is related to resources in that politicians formulate their developmental plans according to their ideology and they use the economic resources to actualize their campaign plans.
How does the one child policy benefit from government imposed atheism?
A one child policy would be related to population control and the availability of resources. It is not related to atheism.A one child policy would be related to population control and the availability of resources. It is not related to atheism.A one child policy would be related to population control and the availability of resources. It is not related to atheism.A one child policy would be related to population control and the availability of resources. It is not related to atheism.
Where can you find Microsoft SQL Server tutorials in PDF form?
There are many helpful resources on the Web. See related links lists of tuturials available for SQL Server.
Describe decision making steps in the decision making process?
Manger is the most important person of the organization he has to take all kinds of resources utilization decision. for example: Human resource, that must be placed in the proper place. in the operation of factory he must decide from the raw material to sales process. In the general sense we can say that decision making is the one of the most vital function of the management that approach the best alternative among the available alternative. Decision making is the most challenging job for the manager, there are so many steps to take the decision if he follow the some major steps that will be the rational decision from his/her organization. They are: 1. Collect needed information from the internal sources of organization. 2.Collect needed information from task and external sources of organization. 3. Environment scanning 4. Analise the opportunities 5. Getting some related information from expert. 6. Draft circular to subordinates 7. Collect the feed back from all 8. Decision making.
Why is macroeconomics important in managerial economics?
It can be important when the decisions of management are related to the whole of the social system. A possible change in the forecast of the progress of the macro-economy can result in the need for the managemental decision-making to re-align with it.
