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What are some examples of sunk costs and how can they impact decision-making?
Sunk costs are expenses that have already been incurred and cannot be recovered. Examples include money spent on a non-refundable concert ticket or a failed business venture. Sunk costs can impact decision-making by causing individuals to continue investing in a project or activity, even if it no longer makes sense financially, simply because they have already spent money on it. This can lead to poor decision-making and further losses. It is important to consider only future costs and benefits when making decisions, rather than focusing on sunk costs.
Are sunk costs easy to spot and are they simply the fixed costs associated with a decision?
Sunk costs are costs that have been incurred that cannot be reversed. For example, if you owned a car and payed for repairs that were not refundable and were deciding whether or not to purchase a new car, you would not consider the repair costs in your decision because those costs have already been made and you cannot receive the money back. You would only consider the costs that you may incur in the future when making your decision whether or not to purchase another car. Sunk costs are not considered in your decision.
What is the difference between individual and group decision making?
An individual decision is a decision that was made by one person. A group decision is a decision that was crafted by multiple people.
What economics decision?
a decision that depends on the economy that is currently in place. the decision must depend on the economy of the time that the decision is made.
When a decision is made what two things is a decision maker considering?
Two things a decision maker considers when making a decision are future costs and benefits of the decision. Other things are sometimes considered when making decisions including future consequences of the decision.
What are examples of programmed and programmed decision making?
a programmed decision is made in response to a situation that has occurred often enough to enable decision rules to be developed and applied in the future. For example the decision to reload paper in the printer is a programmed decision. Answer: Programmed decisions are these which are repeatitive & non-programmed decisions are that made for seponteneously or suddenly or un routen problem.
What is a programmed decision give an example?
a programmed decision is made in response to a situation that has occurred often enough to enable decision rules to be developed and applied in the future. For example the decision to reload paper in the printer is a programmed decision.
What are examples of programmed and non programmed decision making?
examples of programmed decisions are reordering printer cartridges and buying your favorite toothpaste or shampoo at the supermarket. examples of non programmed decisions are selecting a new cell phone provider and selecting a college to attend
Programmed and non-programmed decisions in decision making?
Programmed decisions are these which are repeatitive & non-programmed decisions are that made for seponteneously or suddenly or un routen problem. -------------------------------------------------------------------------------------------------------- Decisions are non-programmed to the extent that they are novel, unstructured, and consequential.
What is programmed decision?
Decisions made in response to a situation that has occurred often enough to enable decision rules to be developed and applied in the future. A programmed decision is a decision that can be handled by established business rules or procedures. Programmed decisions typically do not require much discussion, and can generally be automated.
What are non programming decision?
A non-programmed decision that is a unique decision that requires a custom-made solution for a new or complicated problem.
Lower-level managers typically confront which type of decision making?
programmed
Is AT89C51 is already programmed when you buy it from market?
No.....You have to program it and upload in the microcontroller
Is relocation a programmed or non-programmed decision making?
Relocation is considered a non-programmed decision because it doesn't occur on a regular basis and it requires individualized customized planning and attention.æProgrammed decisions are routine business decisions.
What is an example of a non programmed decision?
non programmed decisions are non routine decisions. Often difficult to make due to their complexity and the fact that they occur infrequently. When a problem has not taken the same form as before, or is extremely complicated or significant it calls for a non-programmed decision. Well planned and highly structured organisations reduce the number of non-programmed decisions as much as possible. Handling non-programmed decisions requires skill and original thinking. The more non-programmed decisions, the greater the judgement needed. Higher management deals with non-programmed decisions. Examples of such would be the decision to acquire another organisation, or to sell off a non-profitable vision. Deciding which global markets offer the most potential value.
An organization's accounting department decides to send out a bill to a new customer What type of decision does this represent?
Programmed
The difference between programmed and nonprogrammed decisions?
Programmed decisions are routine, repetitive decisions that follow established rules and procedures, while nonprogrammed decisions are unique, non-repetitive decisions that require a higher level of analysis and creativity. Programmed decisions are typically made at lower levels of the organization by following predefined criteria, while nonprogrammed decisions are made at higher levels by evaluating multiple options and considering various factors.
