COST ACCOUNTING
INFORMATION FOR DECISION MAKING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
brainstorming
|
|
|
rational decision-making
|
|
|
intuitive decision making
|
|
|
team decision making
|
Detailed explanation-1: -Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilising objective knowledge and logic. It involves identifying the problem to solve, gathering facts, identifying options and outcomes, analysing them, considering all the relationships and selecting the decision.
Detailed explanation-2: -Data-driven decision-making (DDDM) is defined as using facts, metrics, and data to guide strategic business decisions that align with your goals, objectives, and initiatives.
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.