ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Synergy. It is the idea that the whole is greater than the aggregate of its parts. When a group makes a decision collectively, its judgment can be powerful than that of any of its members.

Detailed explanation-2: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.

Detailed explanation-3: -Abstract. It has widely been accepted that aggregating group-level decisions is superior to individual decisions. As compared to individuals, groups tend to show a decision advantage in their response accuracy.

Detailed explanation-4: -It is important to evaluate multiple alternatives, because the decision-making process may require more than one. There must be set criteria to evaluate each alternative and compare them to one another. This will provide a method of elimination for ineffective alternatives.