ECONOMICS

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COST ACCOUNTING

INFORMATION FOR DECISION MAKING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A common mistake made by managers facing crisis situations is that they ____ .
A
try to get too much information before responding
B
rely too much on group decision-making
C
isolate themselves to make the decision alone
D
forget to use their crisis management plan
Explanation: 

Detailed explanation-1: -Managers make problem‐solving decisions under three different conditions: certainty, risk, and uncertainty. All managers make decisions under each condition, but risk and uncertainty are common to the more complex and unstructured problems faced by top managers.

Detailed explanation-2: -1. Rational: The rational decision-making model is logical and approaches the problem in a linear fashion, step-by-step, to eliminate uncertainty and emotion from the decision-making process.

Detailed explanation-3: -Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.

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