There Are a Variety of Problems a Manager Might Face

question 31

Multiple Choice

There are a variety of problems a manager might face. While presenting and defending your approach, how would you complete this thought? ​
Several different modeling techniques are available to solve managerial decision problems,

• A) the wrong choice of modeling technique is a common source of implementation difficulties.
• B) students should develop a strong preference and expertise in one technique so when faced with problems as managers they can formulate them as a model that can be solved by their favorite technique.
• C) fundamental characteristics of the problem guide the selection of an appropriate modeling technique.
• D) most problems faced by managers are fundamentally the same.

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Definitions:

Competitiveness

The ability of a company, country, or product to compete effectively and successfully in the marketplace.

Residual Income

The income that remains after all required costs of capital and operating expenses have been paid.

Return on Investment

A financial ratio that calculates the profitability of an investment by dividing the profit from the investment by the cost of the investment.

Goal Congruence

The alignment of individual, team, or department goals with the overall objectives of the organization to ensure everyone is working towards the same outcomes.