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What else can I help you with?
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.
What is another way of saying opportunity cost?
Another way of saying opportunity cost is "alternative cost," which refers to the value of the next best alternative that is forgone when making a decision. It highlights the trade-offs involved in choosing one option over another, emphasizing what is sacrificed in the process.
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)
What is All the possible alternative that are rejected when a choice is made?
When a choice is made, all possible alternatives that are rejected are known as the opportunity costs. These represent the benefits or value that could have been gained from the next best alternative that was not chosen. The concept emphasizes the importance of considering what is sacrificed when making decisions, as each choice inherently involves trade-offs. Understanding opportunity costs can lead to more informed and effective decision-making.
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.
