A Unique,nonroutine,important Decision Requiring Conscious Thinking,information Gathering,and Careful Consideration of Alternatives

question 99

Multiple Choice

A unique,nonroutine,important decision requiring conscious thinking,information gathering,and careful consideration of alternatives is an

• A)programmed decision.
• B)operational decision.
• C)nonprogrammed decision.
• D)decision rule.

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Definitions:

English Auction

A bidding process where participants bid openly against one another, with each subsequent bid higher than the previous, until the highest bid wins.

Rational Self-Interest

The principle that individuals prioritize actions that result in the most personal benefit, assuming rational decision-making processes.

Collude

When two or more firms agree to limit competition between themselves, often to set prices or output levels to maximize collective profits.

Sealed-Bid

A method of auction or tendering process where all bidders simultaneously submit their bids in sealed envelopes, not known to others until the opening.