Process Logic May Be Represented as Either Structured English, a Decision

question 72

True/False

Process logic may be represented as either structured English, a decision table, a decision tree, or a formula.

Grasp the concept of utility functions and how they influence consumer choice decisions.

Recognize the significance of the contract curve and its relation to Pareto optimality and feasibility of allocations.

Understand the components and importance of cultural intelligence in cross-cultural interactions and teamwork.

Recognize the impact of cultural biases and stereotypes on intercultural communication and relationships.

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Definitions:

Avoidable Cost

A cost that can be eliminated by choosing one alternative over another in a decision. This term is synonymous with differential cost and relevant cost.

Sunk Costs

These are costs that have already been incurred and cannot be recovered, thus should not affect future business decisions.

Future Costs

Costs that will be incurred in the future as a result of current decisions or plans.

Alternatives

Different options or strategies available to be chosen in decision-making processes.