COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the importance of decisions in management and how they are made
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economic and social values and how they influence decision making
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the positive and negative aspects of group decision making
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examples of important decision made by successful managers
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Detailed explanation-1: -Why is decision-making in management important? 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-2: -Selecting the best solution is the most critical part of decision making. There is a risk element involved in each alternative against the expected gain. Selection should be made at proper time. Selection of decision is also affected by the limited resources available at our disposal.
Detailed explanation-3: -Try to clearly define the nature of the decision you must make. This first step is very important. Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it.