COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Group decisions are preferred over individual decisions for the following reason (Select ALL correct answers that apply):
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It can generate more diverse alternatives to improve the quality of the decision made.
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It can increase commitment and acceptance of a decision made.
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Decisions made by groups may be perceived as being more legitimate than decisions made unilaterally by one person.
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Group decision making can help generate creative solutions to problems.
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Major errors in decision making can be avoided as group members can evaluate one another’s thinking.
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Explanation:
Detailed explanation-1: -Group decision making has the advantages of drawing from the experiences and perspectives of a larger number of individuals. Hence, they have the potential to be more creative and lead to a more effective decision. In fact, groups may sometimes achieve results beyond what they could have done as individuals.
Detailed explanation-2: -Abstract. It has widely been accepted that aggregating group-level decisions is superior to individual decisions. As compared to individuals, groups tend to show a decision advantage in their response accuracy.
Detailed explanation-3: -Among its advantages, group decision making: Generates more favorable outcomes. Provides broader perspective. Taps creative potential.
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