COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No downside
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Going for broke
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Favorable odds
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Detailed explanation-1: -There are 5 distinct types of decision making: Visionary, Guardian, Motivator, Flexible, and Catalyst.
Detailed explanation-2: -The four decision-making styles, analytical, directive, conceptual, and behavioral, are strategies leaders and individuals employ to make choices.
Detailed explanation-3: -Decision making can also be classified into three categories based on the level at which they occur. Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done. Finally, operational decisions are decisions that employees make each day to run the organization.
Detailed explanation-4: -The 5 areas you need to make decisions about are: PRODUCT, PRICE, PROMOTION, PLACE AND PEOPLE. Although the 5 Ps are somewhat controllable, they are always subject to your internal and external marketing environments.