Project decision analysis process: Identify the problems that might be encountered in decision making.

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Chika IlonahLv10

28 Sep 2019

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When an individual weighs her options and makes a choice that maximizes her benefit at the minimum cost, economists refer to this as a process of

a) objective decision-making because the value of goods is determined objectively.

b) rational decision-making.

c) random decision-making.

d) marginal management analysis.

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For this discussion question, you will apply cost principles to business problems. A sunk cost is one that has already been incurred and cannot be recovered. The economic theory supports that only prospective (or future) costs are relevant to a decision. Provide an example of a sunk cost either from your present employment or personal circumstances. Was the sunk cost completely discarded in the decision-making process or was it factored into the analysis?

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How might collective decision making play a role in the decision to buy a cell phone for a young child? Provide a possible scenario for this decision including the five decision making roles in your example. Problem Recognition, Information Search, Evaluation of Alternatives, Product choice, and Outcome.

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Project decision analysis process: Identify the problems that might be encountered in decision making.

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