Decision making process, Managerial Accounting

Assignment Help:

Decision Making Process

Decision making is the process of choosing among alternatives. There are 7 steps that should be followed as shown in figure below:

 

1204_decision making.jpg

Figure:  The decision-making, planning and control process

Figure above represents a diagram of a decision-making model. The first five stages symbolize the decision-making of the planning process. Planning includes making choices among alternatives and is mainly a decision-making activity. The final two stages symbolize the control procedure, which is the procedure of measuring and correcting real performance to ensure that the alternatives that are chosen and the plans for implementing them are carried out. Let consider each of the elements of the decision-making and control process.

 


Related Discussions:- Decision making process

What are the objectives of the cost accounting, Objectives of the cost acco...

Objectives of the cost accounting The Objectives of the cost accounting are ascertain of costs, fixation of selling prices, proper recording and presentation of cost data to th

Management decision making, Decision-making is an integral part of all ...

Decision-making is an integral part of all management functions. It is the process of choosing the among alternative courses of action. Managers have to

Cindy, School problem is asking to calculate the work in progress inventory...

School problem is asking to calculate the work in progress inventory for the beginning of a month without providing previous month data.

Profi t Planning, SK 2 Chapter 10: Master budgeting Objective How organisat...

SK 2 Chapter 10: Master budgeting Objective How organisations strive to achieve their financial goals by preparing a number of budgets that together form an integrated business pla

Management accounting field, INTRODUCTION AND RATIONALE The purpose of...

INTRODUCTION AND RATIONALE The purpose of this assignment is to help students further develop a number of the skills and knowledge required and valued by the accountancy profe

Illustrate the problem types of pricing, Pricing is a problem in four gener...

Pricing is a problem in four general types of situations: 1) When the firm develops or introduces a new product and it is fix the price of the product for the first time. 2)

Cost concept, Cost concept . techniques of costing . absorption costing

Cost concept . techniques of costing . absorption costing

Case study, Please help me with these problems Merry -Go -Around (MGR) ...

Please help me with these problems Merry -Go -Around (MGR) a clothing retailer located primarily in shopping malls, was founded in 1968. By the early 1990s, the company had gon

Queue discipline, Queue discipline 1) It refers to the manner in which ...

Queue discipline 1) It refers to the manner in which customers behave in a queue, and to the order in which they are served up. For illustration; A customer may arrive at a que

Project, Ask question #MRead ALL instructions before getting started! ABC ...

Ask question #MRead ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2014. Given on th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd