COST ACCOUNTING
INFORMATION FOR DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Planning how to go about making a decision
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collecting the information to make a well-informed decision
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identifying several possible decision options
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recognizing the need for a decision
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Detailed explanation-1: -Start by identifying the issue and understanding why making a decision is important.
Detailed explanation-2: -Step 6: Select the Best Alternative After a careful evaluation of alternatives, you must choose a solution. You should clearly state your decision so as to avoid confusion or uncertainty.
Detailed explanation-3: -The first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.
Detailed explanation-4: -Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilising objective knowledge and logic. It involves identifying the problem to solve, gathering facts, identifying options and outcomes, analysing them, considering all the relationships and selecting the decision.