COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase your chances of winning a government poll
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Increase the chances of choosing a satisfactory alternative
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Increase the chances of receiving a job promotion
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Increases the probability of choosing well what to wear in the month
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Detailed explanation-1: -The four different decision-making models-rational, bounded rationality, intuitive, and creative-vary in terms of how experienced or motivated a decision maker is to make a choice. Choosing the right approach will make you more effective at work and improve your ability to carry out all the P-O-L-C functions.
Detailed explanation-2: -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.
Detailed explanation-3: -The rational model of decision-making uses logical steps to select the best possible solution. It involves analyzing multiple alternatives and using credible data or facts to choose among options.
Detailed explanation-4: -Maximin: Also known as the maximise the minimum. This strategy is considered to be that of a pessimist as it considers the worst possible outcome of all alternatives and the one with the highest minimum is chosen.