Explain the Concept of Programmed Decision Making and Provide One

question 15

Essay

Explain the concept of programmed decision making and provide one example of a programmed decision. Also, discuss when a decision is not suited to this approach and provide one example.

---

Definitions:

Personal Check

A personal check is a paper instrument that allows individuals to transfer money from their bank account to another person or entity.

Average Price

The sum of prices of all goods or services divided by the number of units, used to give a general idea of price levels in a market.

Savings And Loan Debacle

Refers to a financial crisis in the United States during the 1980s and early 1990s when many savings and loan associations failed due to risky business practices.

Interest Rates

The cost of borrowing money expressed as a percentage of the amount borrowed, or the return on invested savings.