How Can Evidence-Based Management Assist Managers to Make Better Decisions

question 45

Multiple Choice

How can evidence-based management assist managers to make better decisions?

• A)By learning from experience and basing future decisions on successful past decisions.
• B)By searching for the best available evidence to support systematic study in preparing for decision making.
• C)By engaging with the staff,asking them to provide evidence for the decisions they make.
• D)By supporting decisions with evidence that the right choice was made.

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Definitions:

Commercial Paper

An unsecured, short-term debt instrument issued by corporations, typically used for the financing of payroll, accounts payable and inventories, and meeting other short-term liabilities.

Trade Credit

A type of commercial financing where a customer is allowed to purchase goods or services and pay the supplier at a later scheduled date.

Operating Plan

A detailed document outlining the day-to-day operations required to run a business, including production, staffing, and inventory management processes.

Financial Planning

The process of estimating the capital required and determining its competition; it is the process of framing financial policies in relation to procurement, investment, and administration of funds of an enterprise.