ECONOMICS

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COST ACCOUNTING

INFORMATION FOR DECISION MAKING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The CEO of ITT Industries, knows that the identification of both long-range and short-range organizational targets is important in order for effective decision-making to occur. The identification of these targets occurs in the ____ step of the decision-making process.
A
monitoring and evaluating
B
identifying objectives
C
generating alternatives
D
reaching decisions
E
identifying opportunities and diagnosing problems
Explanation: 

Detailed explanation-1: -Cost-benefit analysis involves comparing the costs and benefits of each potential course of action.

Detailed explanation-2: -Decision making is the core of planning. Unless a decision has been made, a plan cannot be implemented in the field. So we can say that planning and decision-making, both are interrelated. Decisions can be made without planning but planning cannot be done without making decisions.

Detailed explanation-3: -Decision making in management is the process of making a choice between two or more options. This involves evaluating the pros and cons of various choices and choosing the best option to achieve a desired outcome. In management, decision making is about acting in a way that meets organizational goals and objectives.

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