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What is an alternative sacrificed because of an economic decision?
cost
How do you compute opportunity cost in decision-making processes?
Opportunity cost in decision-making is calculated by comparing the benefits of choosing one option over another with the potential benefits foregone by not choosing the alternative option. It involves considering the value of the next best alternative that is sacrificed when a decision is made. By weighing the benefits and drawbacks of each choice, decision-makers can determine the opportunity cost and make more informed decisions.
Difference between MIS and Decision Making?
Mis helps in planning and controlling in an organisation but decision making means select a single alternative among all possible alternative.
To arrive at an economic decision a decision making grid may be used to evaluate?
Alternative choices of action.
What is Two major models of decision-making?
the major model of decision making that assumes the decision maker will be rational, systematic, and logical in assessing each alternative is rational economic model.
Carefully choosing from a set of alternative to accomplish objective is known as?
decision making (apex)
The emerging emotional view of decision making states that people form preferences toward alternative as soon as they receive information about these alternative?
true
Is a higher opportunity cost better in decision-making?
No, a higher opportunity cost is not better in decision-making. It means that the value of the next best alternative is greater, which can make the decision more costly or less beneficial.
What step in decision-making compares alternatives and takes into consideration the potential outcome of each alternative?
Jesus!
Place the six steps of theethical decision making method in the correct order?
Recognize an ethical issue. Get the facts. Evaluate alternative actions. Make a decision. Reflect on the decision. Implement and monitor the decision.
The best alternative given up when making a certain decision?
Financial planning - A strategy to save for financial goals. Opportunity cost - The best alternative given up when making a certain decision. Risk aversion - Reluctance for taking chances. Utility - Personal satisfaction gained from consumption.
Four stages of decision-making?
Actually there are six stages to decision making in business they are: 1.Problem analysis 2. Data Collection 3. Analysis and Evaluation of data 4. Formulate and test alternative strategies 5. Implement the decision 6. Evaluate the decision
