BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Relevance
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Understandable
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Timely
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Realible
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Detailed explanation-1: -All managers want to make the best decisions. To do so, managers need to have the ideal resources-information, time, personnel, equipment, and supplies-and identify any limiting factors. Realistically, managers operate in an environment that normally doesn’t provide ideal resources.
Detailed explanation-2: -Decision-making in management is important because you may encounter situations where you have several options that may impact the workplace in different ways. They may affect employees, other members of management or the company’s reputation.
Detailed explanation-3: -In organizations, a decision support system (DSS) analyzes and synthesizes vast amounts of data to assist in decision-making. With this information, it produces reports that may project revenue, sales, or manage inventory.
Detailed explanation-4: -Risk management: Effective decision-making is essential for managing risks that may impact the team. This could involve assessing financial risks, regulatory compliance risks, or operational risks. By making informed decisions, managers can mitigate potential risks and ensure their team’s long-term success.