An Optimal Decision Is One That Chooses

question 49

Multiple Choice

An optimal decision is one that chooses

• A)the most desirable alternative among the possibilities permitted by the resources available.
• B)the lowest cost method of meeting goals, without regard to quality or any other feature.
• C)among various possible goals and offends no one, so that all are equally happy.
• D)among equally important goals, and thereby avoids the "indispensable necessity" syndrome.
• E)among possible goals in such a way that spends as little money as possible.

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Definitions:

Company Coalition

A strategic alliance or partnership between companies aimed at achieving a set of common objectives or enhancing competitive advantage.

Japanese Concept

Management and production practices originating in Japan that emphasize efficiency, continuous improvement, and worker involvement, such as Kaizen and Lean Manufacturing.

Bullwhip Effect

A phenomenon in supply chains where small fluctuations in demand at the retail level cause increasingly larger fluctuations in demand at the wholesale, distributor, and manufacturer levels.

Quantity Discounts

Price reductions given for purchasing goods in large quantities, often used by sellers to encourage bulk purchases.