ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is only suitable for decisions involving substantial risk
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Involves all relevant members of management
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It guarantees the right decision
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It Is mainly based on data
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Detailed explanation-1: -The scientific method includes: Observing a problem and asking questions about it. Creating a hypothesis or prediction of what the outcome will be of your experiment. Experimenting to test your hypothesis.
Detailed explanation-2: -Data mining and big data to source relevant data to inform decisions. Application of software logic and predictive models to analyse scenarios. Forecasts to consider the possible implications of business decisions. 30-Jan-2019
Detailed explanation-3: -1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. 2] Influencing outcomes. 3] Placing competitive bets. 4] Making strategic decisions. The constraint of decision making research.
Detailed explanation-4: -strategic. tactical. operational.