The process of looking at the final outcome and then reasoning back to initial decisions is called
A)managerial decision making.
B)simultaneous decision making.
C)forward induction.
D)backward induction.

Question

Quizplus · Accepted Answer

The process of looking at the final outcome and reasoning back to initial decisions is called backward induction. Therefore, the correct choice is (D). The other choices are not correct. A is incorrect because it refers to a general process of making decisions as a manager. B is incorrect because it refers to making decisions at the same time, not looking back from the final outcome. C is incorrect because it is a similar concept to backward induction, but it is the process of reasoning forward from the initial decision rather than reasoning backward from the final outcome.

The Process of Looking at the Final Outcome and Then