COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Let someone else make the decision
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Consider every possible option
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Delay making a decision
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Pick the option with the lowest level of risk
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Detailed explanation-1: -Procrastination is the act of unnecessarily postponing decisions or actions. For example, a person is procrastinating when they delay working on an assignment until right before its deadline for no reason, even though they know that it would be better for them to start earlier.
Detailed explanation-2: -Procrastination. Strategy in which a person delays making the decision until someone else makes the decision or until options disappear; deciding “ By default “
Detailed explanation-3: -Hence, we conclude that changing the desired outcome is NOT one of the steps involved in the decision-making process.
Detailed explanation-4: -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.
Detailed explanation-5: -Decisions are made under the condition of certainty when the manager has perfect knowledge of all the information needed to make a decision. This condition is ideal for problem solving.