Which Decision-Making Model Would You Use When Your Goals Are

question 138

Multiple Choice

Which decision-making model would you use when your goals are unclear,there is time pressure,and you have experience with the problem?

• A)the rational decision making model
• B)bounded rational model
• C)intuitive decision making model
• D)creative decision making model

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Definitions:

Safety Margin

The difference between the actual performance of a business and the break-even point, indicating the buffer or cushion against drop in performance.

Product Mix

The Product Mix refers to the total variety of products and services offered by a company to its customers.

Variable Cost

Costs that change in proportion to the level of production or activity, such as raw materials and direct labor.

Break Even Point

The financial state where total revenues and total expenses are equal, resulting in no net profit or loss for the business.