Podcast
Questions and Answers
What is the primary purpose of conducting an options analysis in decision-making?
What is the primary purpose of conducting an options analysis in decision-making?
- To rank options based on personal preferences
- To systematically evaluate and compare different courses of action (correct)
- To identify the most popular option among stakeholders
- To quickly select an option that requires minimal resources
In options analysis, it is generally advisable to only consider options that are easy to implement, regardless of their potential impact.
In options analysis, it is generally advisable to only consider options that are easy to implement, regardless of their potential impact.
False (B)
Name three common criteria that are frequently used to evaluate options in decision-making.
Name three common criteria that are frequently used to evaluate options in decision-making.
Cost, feasibility, and impact
A crucial step in options analysis is to identify and assess the potential _________ associated with each option.
A crucial step in options analysis is to identify and assess the potential _________ associated with each option.
Match the following terms with their definitions:
Match the following terms with their definitions:
Which of the following best describes the purpose of a 'do nothing' option in options analysis?
Which of the following best describes the purpose of a 'do nothing' option in options analysis?
Stakeholder input is generally considered unimportant in options analysis, as their opinions can introduce bias.
Stakeholder input is generally considered unimportant in options analysis, as their opinions can introduce bias.
What is the role of quantitative data in options analysis?
What is the role of quantitative data in options analysis?
A sensitivity analysis helps to understand how changes in _________ can affect the outcome of different options.
A sensitivity analysis helps to understand how changes in _________ can affect the outcome of different options.
Match the following terms with the correct application in analysis.
Match the following terms with the correct application in analysis.
Which of the following is a limitation of relying solely on quantitative data in options analysis?
Which of the following is a limitation of relying solely on quantitative data in options analysis?
Once an option is selected through options analysis, there is no need for further monitoring or evaluation of its effectiveness.
Once an option is selected through options analysis, there is no need for further monitoring or evaluation of its effectiveness.
What is the purpose of a weighted scoring system in options analysis?
What is the purpose of a weighted scoring system in options analysis?
A discount rate is used in options analysis to account for the _________ of money over time.
A discount rate is used in options analysis to account for the _________ of money over time.
Match the economic analysis method to its description:
Match the economic analysis method to its description:
Which of the following is a potential ethical consideration in options analysis?
Which of the following is a potential ethical consideration in options analysis?
Options analysis is only applicable to large organizations and complex projects.
Options analysis is only applicable to large organizations and complex projects.
Explain the term 'opportunity cost' and its relevance to options analysis.
Explain the term 'opportunity cost' and its relevance to options analysis.
In the context of risk assessment, impact refers to the degree of _________ caused if the risk occurs.
In the context of risk assessment, impact refers to the degree of _________ caused if the risk occurs.
Match the decision making process to its correct description:
Match the decision making process to its correct description:
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