COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which factor that improves the quality of decision-making finds the right balance of too little and too much information?
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Access to relevant information
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Access to decision-making tools
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Availability of finance
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Key personnel
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Training of managers in decision-making skills
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Explanation:
Detailed explanation-1: -Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance. These things all impact the decision-making process and the decisions made.
Detailed explanation-2: -This study addresses the influencing factors that are related to decision making, and categorizes them under five captions: Personal factors, organizational factors, Social factors, Environmental factors and behavioural factors.
There is 1 question to complete.