Trade-off
cost
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.
Mis helps in planning and controlling in an organisation but decision making means select a single alternative among all possible alternative.
Alternative choices of action.
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.
decision making (apex)
true
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.
Jesus!
Recognize an ethical issue. Get the facts. Evaluate alternative actions. Make a decision. Reflect on the decision. Implement and monitor the 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.
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