BMAL 530 Quiz 8 Liberty University
- Relatively speaking, if a project has a positive NPV, that project should be undertaken.
- The art of decision making may be perfected with time, as all decisions are relatively routine in nature.
- An opportunity cost is the value of future expenditures.
- Mistakes can be a great educator, particularly if a manager learns from them.
- The OODAG expands upon the OODA Loop.
- Potential options in the decision making process should be evaluated using a best case, realistic case, and worst case mentality.
- Opportunity costs are not always about a financial amount.
- Pro-forma financial statements are great when preparing budgets, but actual decisions made do not really affect the financial statements.
- John Boyd created the OODA Loop, which was originally used for decision making purposes.
- While there are a variety of management tools that are available to managers, choosing only one tool is best in the decision making process so as to allow for consistency.