Examlex
Discuss the five characteristics of management decisions when decision analysis techniques should be utilized.
Private Value
The estimate of worth that an individual or company assigns to an asset, good, or service, reflecting personal assessments rather than market-driven prices.
Social Cost
The total cost to society, including both private and external costs, of producing a good or service.
Private Cost
The costs directly incurred by individuals or companies involved in conducting an economic activity, excluding any external effects on others.
External Cost
A cost of a transaction that affects someone who did not choose to incur that cost, often associated with negative side effects of economic activities not reflected in market prices.
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