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Hello Everyone,
Business decisions involve both financial and non financial factors(Kimmel & Weygandt, 2017). An example from my personal life would be the use and purchase of clothing. Im big on finding great deals to help me save money especially during this pandemic. A factor that i keep in mind is the quality of the clothing rather than the price. financially i like to save money but i still remind myself of the saying "you get what you pay for" so the clothing items may be cheap financially but the quality may be not worth it if that makes sense. On the non financial side i like to try to not purchase based on the brand so honestly if the clothing is in good condition i will purchase from any where. I do tend to purchase clothing where i can get multiple uses from them so i can make the use of them before discarding.
Shawn
Business decisions involve both financial and nonfinancial factors(Kimmel & Weygandt, 2017). I have made many personal life decisions that just like in business, also involve both financial and non-financial factors. One that comes to mind is considering a new job. Financial factors would include the increased salary, insurance benefits as well as 401K yet the non-financial factors of the job location involve a long commute, the heavy traffic. The time spent commuting, the stress from the traffic seemed to weigh heavily on my decision to take the job. Another financial factor was possibly purchasing a home in the city yet the cost of living in the city was much higher than in the suburbs. Is the increase in salary worth the move, is worth my time or the stress from the commute? Did research on home prices, calculated the cost of gas per month on the commute, and the time was the kind of information gathered to make the decisions. The saving time and reducing stress outweighed the cost of living for me so I decided to take the job and move to the city. Both financial factors and nonfinancial factors were important in making the decision of taking the job and moving.
Linda
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