Asked by Gursave Singh on May 29, 2024
Verified
Efficient decision-making tends to consider relevant information only and this information focuses on incremental revenue and expenses.
Incremental Revenue
Additional income generated from selling more units of a product or from launching a new product or service.
Relevant Information
Information that is applicable and crucial to the decision-making process, having the ability to affect the outcome of a decision.
- Comprehend the significance of information, along with its attributes, for the purpose of informed decision-making.
Verified Answer
TD
Tyler DeShieldsMay 30, 2024
Final Answer :
True
Explanation :
Efficient decision-making should consider only relevant information, which includes incremental revenue and expenses. This means that decision-makers should assess the potential increase in revenue and decrease in expenses associated with a particular decision, and weigh these against the costs of implementing the decision. By focusing on the most relevant information, decision-makers can make more informed and effective choices that will benefit their organization in the long run.
Learning Objectives
- Comprehend the significance of information, along with its attributes, for the purpose of informed decision-making.
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