Discuss the Meaning of Decision-Support System, the Different Types of Decision-Support

question 61

Essay

Discuss the meaning of decision-support system, the different types of decision-support systems, and how they are useful to managers.

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Definitions:

Average Variable Costs

The total variable costs (costs that change with output level) divided by the quantity of output produced.

Average Costs

The total cost of production divided by the number of goods produced, a measure of cost efficiency.

Shutting-Down

A short-term decision by a firm to cease operations while it still has the option to resume in the future, often due to unfavorable market conditions.

Average Costs

The cost per unit is determined by dividing the total production cost by the number of units manufactured.