Quantitative Analysis for Managers What role do alternatives have on decision ma
ID: 385932 • Letter: Q
Question
Quantitative Analysis for ManagersWhat role do alternatives have on decision making? Can you discuss issues in your business, personal, or student activities when this has become important? Can you cite examples of what changes when the structure of your decision changed?
Quantitative Analysis for Managers
What role do alternatives have on decision making? Can you discuss issues in your business, personal, or student activities when this has become important? Can you cite examples of what changes when the structure of your decision changed?
Quantitative Analysis for Managers
What role do alternatives have on decision making? Can you discuss issues in your business, personal, or student activities when this has become important? Can you cite examples of what changes when the structure of your decision changed?
Explanation / Answer
Role of alternatives in decision making is very significant because alternatives provide with possible approaches in order to solve the problem and arrive at a good solution. After finding different alternative it is important to evaluate consequences of the chosen alternative and comparative advantage and opportunity cost involved with the same. Evaluating alternatives helps in finding the best possible solution to the problem.
An examples for a student would be related to career choice that he has to make after passing is basic education in school. First the student what have to identify his own personal choice, strength and weakness. Then he will have to identify various career choices available by doing sufficient research. After which he would evaluate scope of the career in future and financial returns. After which he would arrive at a final decision.
When the structure of the decision changes there can be potential loss in terms of time and money in order to align with the new structure of decision. But after the initial lag the decision maker would be able to synchronise with the new decision.