Planning in Organizations Creates a Solid Platform for Further Managerial

question 188

True/False

Planning in organizations creates a solid platform for further managerial efforts to assist managers to allocate and arrange resources to accomplish essential tasks in the organization.

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Definitions:

Opportunity Cost

The penalty of overlooking the closest preferable alternative in the course of decision-taking.

Satisfaction

The feeling of pleasure or contentment arising from meeting one's needs or expectations.

Rational Choice

A theory in economics that assumes individuals always make prudent and logical decisions that provide them with the highest amount of personal utility.

Costs and Benefits

An analysis approach that compares the total costs and total benefits associated with a particular action or decision to determine its feasibility or worth.