COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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brainstorming
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rational decision-making
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intuitive decision making
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team decision making
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Detailed explanation-1: -In this method, a list of possible decisions is compiled through collaboration on the part of the team. Then, once that list is organized and finalized, a vote is taken in which each team member is given a certain number of votes to cast. The idea, or ideas, which receive the most votes will be the winner.
Detailed explanation-2: -Managers make problem‐solving decisions under three different conditions: certainty, risk, and uncertainty. All managers make decisions under each condition, but risk and uncertainty are common to the more complex and unstructured problems faced by top managers.
Detailed explanation-3: -A group has potential of collecting more and full information compared to an individual while making decisions. An individual while making any decision uses his own intuition and views. While a group has many members, so many views and many approaches and hence better decision making.