In the design phase of decision making, selecting a principle of choice or criteria means that
A) if an objective model is used with hard data, all decision makers will make the same choice.
B) risk acceptability is a subjective concept and plays little part in modeling.
C) using well-designed models guarantees you success in real life.
D) optimality is not the only criterion for acceptable solutions.
D
You might also like to view...
Shade Company adopted a standard cost system several years ago. The standard costs for direct labor and direct materials for its single product are as follows: Materials (5 kilograms × $12/kilogram) = $60/unit; direct labor (3.5 hours/unit × $20/hour) = $70/unit. All materials are issued at the beginning of processing. The operating data shown below were taken from the records for December:
In-process beginning inventory None In-process ending inventory—80% complete as to labor 1,010units Units completed during the period 6,800units Budgeted output 7,350units Purchases of materials (in kilograms) 42,500 Total actual direct labor cost incurred$537,030 Direct labor hours worked (AQ) 27,000hours Materials purchase-price variance$3,825favorable Increase in materials inventory in December 2,800kilograms The direct labor flexible-budget variance for December (rounded to the nearest dollar) was:
The exception to the Statute of Frauds which allows an oral contract for the transfer of land to be
enforced, if the buyer has either paid for the land or taken possession of the land, is called the ________ exception. A) Promissory estoppel B) Part performance C) Equal dignity D) Parol evidence