"With Respect to the Product Decision, Managers Must Be Able

question 103

Essay

"With respect to the product decision, managers must be able to accept risk and tolerate failure." Comment on why this is a necessary hazard in making new product decisions, given all the powerful tools and carefully built systems that support that decision.

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Definitions:

Timeliness

The characteristic of occurring at a suitable or opportune time, particularly relevant in the context of information delivery and project completion.

Future Cost

Costs that have not yet been incurred but are expected to be as a result of current decisions or plans.

Information

Data that has been processed, organized, or presented in a manner that makes it meaningful or useful to the person receiving it.

Accounting Data

Information related to financial transactions and status, used for analysis, planning, and decision-making in business.