COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The container to be delivered to a high value customer has been delayed due to an unexpected road accident. The manager immediately directs the nearest warehouse to deliver part of the shipment immediately to the customer and promises to deliver the rest after a delay of 5 hours, so as to not go back on the company motto of ‘On time Delivery’. This is an example of
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Strategic planning
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Corporate Planning
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Contingency Planning
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Survival planning
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Explanation:
Detailed explanation-1: -People who prefer simple, clear-cut solutions to problems use the directive style. Most people underestimate their ability to predict uncertain outcomes.
Detailed explanation-2: -Individuals are limited by the information they have in order to make a decision in the decision-making process due to the limitation of the rationality of individuals. Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the available information.
There is 1 question to complete.