In the Third Step of Rational Decision Making (Evaluating Alternatives

question 63

Multiple Choice

In the third step of rational decision making (evaluating alternatives and selecting a solution) , a manager needs to evaluate each alternative not only according to cost and quality but also according to which of the following questions?

• A) Is it efficient, and how will it affect our marketing strategy?
• B) Is it feasible, effective, and efficient?
• C) Is it ethical and will it hurt diversity?
• D) Is it ethical, feasible, and effective?
• E) Is it feasible and profitable?

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Definitions:

Automobile Insurance

A type of insurance policy that provides financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise.

Premium

An amount paid periodically to the insurer by the insured for covering his risk or the cost above the nominal value of something.

Temporary Insurance

Short-term coverage designed to provide protection for a limited period, often while awaiting the implementation of permanent insurance.

Binder Agreement

A temporary insurance contract providing coverage until a formal policy is issued.