A Decision with More Than One Objective

question 22

Multiple Choice

A decision with more than one objective

• A)cannot have an optimal solution.
• B)requires the decision maker to place the objectives in some order of importance.
• C)depends on the probability of satisfying each objective.
• D)should be decomposed into a separate model for each objective.

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Definitions:

Planning Budget

A budget prepared for a specific level of activity, often used for planning and coordinating actions.

Activity Variances

Differences between planned or budgeted amounts of costs or revenues and actual amounts incurred, attributable to specific activities.

Customers Served

The number or segment of clients or consumers to whom a business has provided goods or services.

Budgeting

The process of creating a plan to spend your money, outlining projected income versus expenses for a certain period.