As a manager, when you are making decisions for the company, you need to consider the distinction between how the decisions will impact the company in the short term and in the long term. Describe the information needed to make these decisions. What tests can you run to help make your decisions? Justify your answer..
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As a manager, when you are making decisions for the company, you need to consider the distinction between how the decisions will impact the company in the short term and in the long term. Describe the information needed to make these decisions. What tests can you run to help make your decisions? Justify your answer..
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- Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.United Garments is looking to implement Business Intelligence to improve the decision making capability within the organization. To which decision making level you will recommend United Garments to implement Business Intelligence and why?An effective decision maker spends much time determining the possible scenarios in future. In the light of this statement, define and explain with examples all three approaches on how managers make decisions
- 1- What three guidelines help management accountants provide the most value to managers? 2- Where does the management accounting function fit into an organization’s structure? 3- When is a revenue or cost item relevant for a particular decision? 4- What is an opportunity cost and why should it be included when making decisions? 5- How can conflicts arise between the decision model used by a manager and the performance evaluation model used to evaluate that manager?Managers need to make decision in myriad of situations and the type of information required by decision makers is directly related to the level of management decision making involved and the structure of decision situations they face.how management support systems support decision making at different level?Discuss briefly the Hierarchy of the information- based business decision makers.Which level has the best chance of success and why? (Decision Making subject)
- First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. For this discussion, we will use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision makers in an organization. Select one of the levels of decision making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision.We typically make decisions by relying on one or more of the following: 1) Our gut instinct. 2) Our experiences. 3) Our education. What is the value of the Business Analytics course in your current or future business area and how will it improve your decision making?28 When managers make decisions that are objective and for the best interest of the firm instead himself/herself, they are following the concept of A) escalation of commitment B) bounded rational decision making C) rational decision making D) intuitive decision making E) none of the above
- Business decision support systems, sometimes known as DSSs, provide assistance in making choices that require many steps.Describe the many components that make up the DSS. In what ways does DSS modify IT?Review the six-step decision-making process outlined below, then answer the question that follows. Step 1: Define the problem Step 2: Identify alternatives to the problem Step 3: Evaluate the identified alternatives Step 4: Make the decision Step 5: Implement the decision Step 6: Evaluate the decision A customer is frequently slow in paying invoices—sometimes as late as 30 days. Is this because (1) he does not manage his books well, (2) he is trying to conserve his working capital as long as possible, or (3) his own customers are often slow in paying him for the goods he sells them? Consider that there may be another explanation as well. Based on your ethical concerns, use the six-step decision-making process to arrive at a solution. Explain your reasoning for each of these steps.Hypothesis testing is a well-structured process that consists of several logical steps, and it aims at refining a business decision. Hypothesis testing is a quite common technique used by researchers. With regard to hypothesis testing, answer the following questions. What are the steps to conduct a hypothesis test? How does a researcher determine which statistical test to conduct? How does a researcher determine which level of significance to use? What software programs can be used to compute these tests? Where is the critical test value found? How can one determine if the null hypothesis should be rejected? Give a business example on each of the three possible cases of hypothesis testing. Do you think the rejection region will be different in each one of the three cases? Why? Why not? Justify your answers using examples and reasoning.
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