In managerial decision-making, a company should analyze and assess decisions made at a later date. What is the major reason for performing such a review?Multple ChoiceTo cover-up any poorly made decisions.To determine if anyone should be firedTo hold relevant employees involved accountable.To improve the decision-making process in the future.To comply with generally accepted accounting principles

Decision-making refers to a practice that is concerned with selecting the best course of action from…

Answered: In managerial decision-making, a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Choose the correct option: a. An optimist sees an opportunity in every calamity; a pessimist sees calamity in every opportunity. b. Pessimists protect a company against risks. c. A pessimist may make an ambitious plan more difficult but I’d take that over an optimist who could lead me to bankruptcy
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15 Which of the following does not describe the main focus of management accounting? a. Decision-making b. External c. Control d. Planning
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Among the 7 substantive assessment methods: personality tests, ability tests, emotional intelligence tests, performance tests and work samples, situational judgment tests, integrity tests, interest, values, and preference inventories, and structured interviews. which substantive assessment methods have a high disparate impact? which substantive assessment methods do not have a high reliability? which substantive assessment methods have a high validity? which substantive assessment methods have a high cost?
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The result approach focuses on managing the objectives, measurable results of a job or work group. This approach assumes that subjectivity can be eliminated from the measurement process and that results are the closest indicators of one’s contribution to the organizational effectiveness. We will examine two performance management systems that used results: a. Management by Objectives (MBO) – Management by Objectives is used in most companies who believe in result as bases of performance management. Under this system, the top management defines the company’s strategic goals and objectives and passes it on to the next level of management and down to the line. The manager and subordinates agree on performance indicators and these performance goals are then the points that will be evaluated at the end of a specific period. b. Productivity Measurement and Evaluation System (PROMES) – the goal of this system of measurement is to motivate the employees to go for a higher level of…
Mangement question Management is a multifaceted discipline that involves the coordination of people, resources, and processes to achieve organizational objectives. It encompasses various functions such as planning, organizing, leading, and controlling, all aimed at ensuring the smooth operation and success of an organization. Effective management requires a deep understanding of the organization's goals and objectives, as well as the ability to develop and implement strategies to attain them. Managers must possess strong leadership skills to inspire and motivate their teams, as well as the ability to make tough decisions and solve complex problems Additionally, effective communication and interpersonal skills are crucial for fostering collaboration and maintaining harmony within the organization. In today's rapidly changing business environment, successful management also entails the ability to adapt to new technologies, market trends, and competitive pressures. As such, managers must…

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