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 seeks advice and expertise from outside companies?
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Access to relevant information
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Access to decision-making tools
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Consultation
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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: -Answer: It is certainly very true that democracy improves the quality of decision-making and this can be explained from the following points:-Democracy is based on consultation and discussion. A democratic decision always involves many persons, discussions and meetings.
Detailed explanation-2: -Several factors influence decision making. Those factors are past experiences, cognitive biases, age and individual differences, belief in personal relevance, and an escalation of commitment. Heuristics are mental shortcuts that take some of the cognitive load off decision-makers.
There is 1 question to complete.