Who Are Automated Decision Systems (ADS) Primarily Designed For

question 67

Multiple Choice

Who are automated decision systems (ADS) primarily designed for?

• A) strategic level managers making long-term, wide-ranging decisions
• B) mid-level managers making tactical decision
• C) frontline workers who must make decisions rapidly
• D) operational managers who make shop floor decisions

Understand the role of production costs in determining firm behavior and market outcomes.

Identify the factors leading to the differentiation between perfectly competitive and non-perfectly competitive markets.

Apply the concepts of marginal cost and marginal revenue to real-world business scenarios for decision-making.

Distinguish between short-run and long-run decisions in perfectly competitive markets.

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Definitions:

Direct Materials

The raw materials that are directly used in the manufacturing of a product, which can be directly traced to the product itself.

Direct Labour

The wages and related benefits for workers who are directly involved in the manufacturing or production of goods.

Variable Manufacturing Overhead

Variable manufacturing overhead includes costs that fluctuate with production volume, such as utilities and materials used in the production process that are not directly tied to specific units produced.

Fixed Manufacturing Overhead

The consistent, non-variable costs associated with manufacturing, regardless of the production volume.