ECONOMICS

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COST ACCOUNTING

INFORMATION FOR DECISION MAKING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Decision-making Process consists of 7 steps:1.Identifying the decision to be made, 2.Gathering information 3.Listing all the possible alternatives of each choice 4.Weighing the evidence 5.Selecting the best choice 6.Making the decision 7.Evaluating the decision
A
This list is 100% correct
B
It’s close-move step 3 to the 2nd position.
C
Not even close-reverse the order of steps 2, 3 and 4
D
What’cha talkin’ ‘bout?
Explanation: 

Detailed explanation-1: -Step 7: Review your decision & its consequences In this final step, consider the results of your decision and evaluate whether or not it has resolved the need you identified in Step 1. If the decision has not met the identified need, you may want to repeat certain steps of the process to make a new decision.

Detailed explanation-2: -Types of Decision Making – Routine, Strategic, Policy, Operating, Organisational, Personal, Programmed, Non-Programmed, Individual and Group Decisions.

Detailed explanation-3: -Weigh the evidence. Choose among the alternatives. Take action. Review your decision.

Detailed explanation-4: -The business decision making process is commonly divided into seven steps. Managers may utilize many of these steps without realizing it, but gaining a clearer understanding of best practices can improve the effectiveness of your decisions.

There is 1 question to complete.
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