Question

The role of financial information in decision making process

Answer 1

Answer:

There are several important factors that influence decision making. Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance.Group decision making is subject to social influences that can provide advantages as well as disadvantages in decision outcomes. ... Disadvantages of group decision making include diffusion of responsibility and inefficiency.

Answer 2

Answer:

The Role of Financial Information in Decision Making Process. One of important assumptions in decision making process and improvement economy is existence of quality information. "Reading" contents of financial statements provide whole number of different instruments and analyses procedures for understanding business.