ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Updated
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Permanent
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Reviewed or Changed
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Both a & c
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Detailed explanation-1: -Individual and Group Decision: If a decision is taken by an individual person it is known as individual decision. On the other hand when a number of persons collectively take the decisions they are known as group decisions.
Detailed explanation-2: -Before managers take any advice on how to make better decisions, they must recognize how decisions differ. Decisions vary along two dimensions: control and performance. Control considers how much we can influence the terms of the decision and the outcome. And performance addresses the way we measure success.
Detailed explanation-3: -Some characteristics of a good decision are positive impact, inclusion, and executability.
Detailed explanation-4: -2.1 Strategic Decisions and Routine Decisions. 2.2 Programmed Decisions and Non-Programmed Decisions. 2.3 Policy Decisions and Operating Decisions. 2.4 Organizational Decisions and Personal Decisions. 2.5 Individual Decisions and Group Decisions.