Qualitative Factors ________

question 70

Multiple Choice

Qualitative factors ________.

• A) generally are easily measured in quantitative terms
• B) are generally irrelevant for decision making
• C) may include either financial or nonfinancial information
• D) include customer satisfaction

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Definitions:

Problem Identification

The initial step in the problem-solving process that involves recognizing and defining a problem or challenge that needs to be addressed.

Framing

The way information is presented or communicated, which influences how it is perceived and interpreted.

Anchoring Effect

A cognitive bias where individuals rely too heavily on an initial piece of information (the "anchor") when making decisions.

Sunk Costs

Costs that have already been incurred and cannot be recovered, and should not affect future decision-making processes.