When a Manager Chooses an Acceptable Alternative Instead of the Optimum

question 37

True/False

When a manager chooses an acceptable alternative instead of the optimum alternative, we say that a satisficing decision has occurred.

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Definitions:

Probabilities

The measure of the likelihood that an event will occur, often quantified as a number between 0 and 1.

Simple Events

An event in probability that consists of only one outcome or occurrence and cannot be broken down further.

Probabilities

The likelihood or chance that a particular event will occur, expressed as a number between 0 and 1.

Sales

The exchange of a commodity for money; the action of selling something.