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What are the three main decision areas in business finance?
The three main decision areas in business finance are:Investment decision,Financing decision and Dividend decision
Issues in strategic decision making?
§ A company would have different people in decision making at different periods of time. Decision often require judgments and thus is important to note that the person related factors are important in decision making and the decision make differ as that person changes. § Again an individual does not take decisions alone. But often there is rumble in decisions, which could be between individual and group decision making. The decision taken by the group could be different from those that may be taken by the individual themselves. § The company would need to decide on what criteria it should make its decision. Thus it need a process of objective setting, which serve as benchmarks for evaluation of the efficiency and effectiveness of the decision making process. There are three major criteria in decision making- the concept of maximization, - the concept of satisfying, -the concept of instrumentalism. Based on the chosen concept, Strategic decisions will differ. § It is assumed that decision making is logical and thus there will be rationality in the decision making. In the context of Strategic decision making, it means that there would be a proper evaluation and then exercising a choice from among various alternative courses of action in such a way that it may lead to the achievement of the objectives in the best possible manner. § As the situations are complex, straightforward thinking may not be effective. Creativity in decision making may be needed, thus the decision must be original and different. But also based on situation and circumstances there could be variability in decision making.
What are three influences when making a decision?
Three key influences when making a decision are personal values, social factors, and available information. Personal values shape our priorities and ethics, guiding choices in alignment with what we believe is important. Social factors, such as peer opinions and cultural norms, can sway decisions by creating pressure or offering support. Lastly, the quality and quantity of available information can significantly impact decision-making, as it helps individuals evaluate options and potential outcomes.
March and Simon developed three important concepts in their administrative model of decision making. What are the 3 concepts?
Rational, Bounded Rationality, and Intuition
What are three steps in financial decision making?
1) Prepare a budget 2) Analyze/Evaluate the budget 3) Make adjustment if needed
What are the 3 elements of a moral decision?
The three elements of a moral decision are: 1) Object 2) Intention 3) Circumstances For an act to be morally good, the object, intention, and circumstances must be good.
What are the elements of the pso spectrum?
The PSO spectrum consists of three main elements: authoritative, collaborative, and consultative approaches. These elements represent different levels of participation, decision-making, and autonomy within an organization.
Compare and contrast the three decision - making method?
The three decision-making methods differ in their approach and speed. Rational decision-making involves evaluating alternatives based on logic and rationality. Intuitive decision-making relies on gut feelings and past experiences. Behavioral decision-making considers cognitive biases and emotions in the decision-making process.
What are the three styles of decision making?
impulsive and rational
Name 3 things that help us inform your conscience?
Three key factors that help inform our conscience are personal experiences, moral teachings from religious or philosophical traditions, and the influence of culture and community. Personal experiences shape our understanding of right and wrong, while moral teachings provide foundational ethical principles. Additionally, the norms and values of our community can guide our conscience by offering social context and collective wisdom. Together, these elements contribute to our moral decision-making and ethical awareness.
What are the three components of character?
The three components of character are moral values, integrity, and ethical behavior. Moral values refer to the principles that guide an individual's sense of right and wrong. Integrity involves being honest and consistent in actions and beliefs, while ethical behavior reflects the application of moral values in decision-making and interactions with others. Together, these components shape how a person responds to challenges and relationships in life.
How can you use information systems to assist in decision making?
three dimensions of data
What are the three dynamics forces of Sigmund Freud?
Sigmund Freud's three dynamic forces are the id (instinctual drives and impulses), ego (rational decision-making), and superego (internalized moral standards and values). These forces interact to shape an individual's behavior and personality.
What are three types of justification?
Moral justification: Providing reasoning or principles to support a moral or ethical decision. Legal justification: Providing evidence or reasoning to support a legal argument or decision. Rational justification: Justifying beliefs or actions based on logical reasoning or evidence.
What is ed ego and superego?
The id, ego, and superego are three components of Sigmund Freud's structural model of the human psyche. The id represents primal impulses and desires, the ego operates based on rational thought and mediates between the id and reality, and the superego embodies societal rules and moral standards. Together, these elements influence an individual's thoughts, behaviors, and decision-making processes.
What are the three levels of decision making?
1. Risk 2. Capital 3. Resources
What are three examples of moral development?
Lawrence Kohlberg's stages of moral development, which propose that individuals progress through six stages of moral reasoning from pre-conventional to post-conventional levels. Carol Gilligan's theory of moral development, which focuses on how moral reasoning differs between men and women, highlighting the importance of care and relationships in moral decision-making. Jean Piaget's theory of moral development, which emphasizes how children's moral reasoning progresses from a heteronomous stage, where rules are seen as fixed and externally imposed, to an autonomous stage, where rules are seen as flexible and internally based.
