Why is it important to complement intuition with systematic study in our attempts to understand behavior within organizations?
What will be an ideal response?
It is important to complement intuition with systematic study in our attempts to understand behavior within organizations in order to help uncover important facts and relationships. This will provide a base from which more accurate predictions of behavior can be made. That is, we can improve our predictive ability by complementing intuitive opinions with a more systematic approach. Systematic study involves looking at relationships, attempting to attribute causes and effects, and basing conclusions on scientific evidence. This process helps us to explain and predict behavior.
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The term budget indicates
a. that standards have been used to develop the budget. b. that actual input data from past periods have been used to develop the budget. c. that engineering studies have been used to develop the budget. d. planned amounts for a future accounting period.
An overly optimistic sales budget may result in
a. increases in selling prices late in the year. b. insufficient inventories. c. increased sales during the year. d. excessive inventories.