A decision model involves:
A)only quantitative analyses
B)both quantitative and qualitative analyses
C)only qualitative analyses
D)a manager's instinct

Question

Quizplus · Accepted Answer

A decision model involves both quantitative and qualitative analyses. It takes into consideration all the relevant factors, including data, opinions, and expert judgment, to arrive at a well-informed decision. While quantitative analyses (like cost-benefit analysis, ROI calculation, etc.) provide objective information, qualitative analyses (like risk assessment, SWOT analysis, stakeholder analysis, etc.) provide more subjective information, such as opinions, preferences, and values. Therefore, a decision model must include both types of analyses to be comprehensive and effective. It cannot rely solely on quantitative analyses or qualitative analyses, or a manager's instinct.

A Decision Model Involves