ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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good or services
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income
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at least two alternatives
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money
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Detailed explanation-1: -Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done.
Detailed explanation-2: -An alternative is one of the possible courses of action available. Without alternatives, we have no decision. Good alternatives are (1) under our control, (2) significantly different, (3) potentially attractive, and (4) doable.
Detailed explanation-3: -You can innovate to create new options for most high value decisions. We recommend having 5 to 9 decision alternatives for evaluation during the Decide step. A number of brainstorming approaches can be used, but here are three that can be used with the known solutions identified above.
Detailed explanation-4: -A decision is a choice made between two or more available alternatives. Decision making is the process of choosing the best alternative for reaching objectives. Decision making can be defined as a process of choosing between alternatives to achieve a goal.