COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consequence
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Theprocess of arriving at a conclusion or solution, or making a choice
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Describing an alternative
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Detailed explanation-1: -Conclusion. When it comes to making decisions, one should always weigh the positive and negative business consequences and should favour the positive outcomes. This avoids the possible losses to the organization and keeps the company running with a sustained growth.
Detailed explanation-2: -The four decision-making styles, analytical, directive, conceptual, and behavioral, are strategies leaders and individuals employ to make choices.
Detailed explanation-3: -The decision-making process includes the following steps: define, identify, assess, consider, implement, and evaluate. Today we’re going to think together a little bit about the decision-making process. Usually, most people don’t break down how they make decisions, they just decide.