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MBAGrad-Tania
MBAGrad-Tania, Master's Degree
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Transaction costs are inherent in the trade-off between risks

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Transaction costs are inherent in the trade-off between risks and uncertainties. Propose how one can determine the efficient levels of information in an organization to justify taking risk over uncertainty.

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MBAGrad-Tania :

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No problem. Please note, there are 3 questions from last week still waiting to be accepted. Thanks.

Hi - Here you go!

Propose how one can determine the efficient levels of information in an organization to justify taking risk over uncertainty.

Answer:

There are certain measures that management can take to assess the efficiency of information in an organization to justify taking risk over uncertainty. This involves adopting innovative and efficient processes to achieve high performance. It is important to involve various work groups while making decisions, because the employees who perform the actual jobs generally have a better idea about solving any problems in their areas, or ideas for more efficient processes, compared to others outside of the work area. This also helps to boost employee morale and motivation if they feel they have some control over their own work. Also, management must assess recent, relevant information prior to making decisions concerning risk levels in order to adapt to a continuously changing work environment. Proper internal and external assessments, constant communication, and collaboration among all levels of an organization are key factors in determining the efficiency of information to minimize risks and uncertainties.


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