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. Help needed by 10pm Saturday eastern.
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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.Please click the green ACCEPT button if you are satisfied with my answer. I also appreciate your positive feedback.Thank you!MBAGrad-Tania
MBA graduate with 10+ years of professional work experience