Question

“Business decision making requires identification of decision alternatives, logging relevant costs/benefits of each choice, evaluating qualitative...

“Business decision making requires identification of decision alternatives, logging relevant costs/benefits of each choice, evaluating qualitative issues, and selecting the most desirable option based on judgmental balancing of quantitative and qualitative factors.” Explain the analytics for managerial decision making

Homework Answers

Answer #1

Yes it's true the process of taking a decision described above is not a simple one . Very firstly it involves understanding the core problem and deprecating it out with side issues. After addressing the core issue, manager needs to foulrmulate all alternative solutions available to solve it whether it be basis to extreme solution. To choose among one solution he does the cost benefit analysis and the one that provides maximum efficiency max benefit is chosen. For this analysis he may use computer programs to run out some calculations and comparing alternatives over same parameters .

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
TRUE OR FALSE 2) The managerial accountant's primary role in the decision-making process is to decide...
TRUE OR FALSE 2) The managerial accountant's primary role in the decision-making process is to decide what information is relevant to the problem and provide timely and accurate data. 3) In the final analysis of a decision, quantitative measures are more important than qualitative measures. 4) The concept of a relevant cost can be defined as a past cost that differs among alternatives. 5) In most all decisions, joint costs are relevant costs
What differentiates a sunk cost from a relevant cost? a. A sunk cost occurred in the...
What differentiates a sunk cost from a relevant cost? a. A sunk cost occurred in the past and doesn’t affect decision making. A relevant cost differs between alternatives and is used in decision making. b. A relevant cost occurred in the past and doesn’t affect decision making. A sunk cost differs between alternatives and is used in decision making. c. Both costs are used is decision making. d. Neither cost is used in decision making. What is true of opportunity...
urgent please provide 3 multiple choice questions with correct answers. Since the early days of Google,...
urgent please provide 3 multiple choice questions with correct answers. Since the early days of Google, people throughout the company have ques- tioned the value of managers. That skepticism stems from a highly techno- cratic culture. As one software engineer, Eric Flatt, puts it, “We are a company built by engi- neers for engineers.” And most engineers, not just those at Google, want to spend their time designing and debugging, not communicating with bosses or supervising other workers’ progress. In...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
CASE STUDY - LG Electronics From its origins as the progenitor of South Korea’s electronics industry...
CASE STUDY - LG Electronics From its origins as the progenitor of South Korea’s electronics industry and then its first global exporter, LG Electronics has evolved to a respected global brand with manufacturing facilities in China, India, Mexico, Brazil, Poland, and Russia and a presence in 49 countries. Headquartered in Seoul, South Korea, the company has 84,000 employees in 112 locations around the world, including 81 subsidiaries. Perhaps best known today for its quality mobile phones, LG Electronics is also...
Circle the letter that corresponds to the best answer for each question. 1.     Which of the...
Circle the letter that corresponds to the best answer for each question. 1.     Which of the following statements concerning the nursing process is accurate? a.     The nursing process is nurse oriented. b.    The steps of the nursing process are separate entities. c.     The nursing process is nursing practice in action. d.    The nursing process comprises four steps to promote patient well-being. 2.     Which of the following groups legitimized the steps of the nursing process in 1973 by devel- oping standards...
Gender Bias in the Executive Suite Worldwide The Grant Thornton International Business Report (IBR) has described...
Gender Bias in the Executive Suite Worldwide The Grant Thornton International Business Report (IBR) has described itself as "a quarterly survey of business leaders from across the globe … surveying 11,500 businesses in 40 economies across the globe on an annual basis." 1 According to the 2011 IBR, the Asia Pacific region had a higher percentage (27 percent) of female chief executive officers (CEOs) than Europe and North America. Japan is the only Asia Pacific region exception. The report further...
Using the model proposed by Lafley and Charan, analyze how Apigee was able to drive innovation....
Using the model proposed by Lafley and Charan, analyze how Apigee was able to drive innovation. case:    W17400 APIGEE: PEOPLE MANAGEMENT PRACTICES AND THE CHALLENGE OF GROWTH Ranjeet Nambudiri, S. Ramnarayan, and Catherine Xavier wrote this case solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality. This publication may not be...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...