Question
Ajay purchases an item for Rs. 1600 and incurs
additional costs of 20% for maintenance and 30% for transportation. Calculate the selling price he should set to achieve a profit margin of 10% on the total expenditure.Solution
Actual cost price of product = 1600 + 0.20 × 1600 + 0.30 × 1600 = Rs. 2400 Desired selling price = 2400 × 1.10 = Rs. 2640
As per Herbet Simon’s bounded rationality theory, the decision made is ______ in nature.
When the decision maker chooses the optimal solution to a problem that maximises the outcome, after careful analysis, it is known as ________
What is a common barrier to accurately identifying a problem?
What is the first step in the decision-making process?
The tendency to blame others when things go wrong, instead of looking objectively at the situation is known as __________ bias.
What is the purpose of evaluating the feasibility of possible solutions?
Which technique of decision-making involves generating multiple ideas in a group setting without criticism?
Which of the following style of decision-making focuses on long term?
Which of the following would be a decision which is for repetitive or routine problems for which the responses have been already been decided?
Which of the following decision is concerned with solving problems of structured nature?
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