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Which of the following steps in the management decision-making process generally involves the managerial accountant?
Prepare internal reports that review the impact of decisions
Role of the cost and management accounting?
Role of cost and management accountant is to determine the cost of production and per unit cost of product as well as help management in daily business activities and provide cost information about all business activities and help in decision making process as well as capital budgeting and decisions.
Which costs is often important in decision making but is omitted from conventional accounting records?
opportunity cost
Difference between strategic financial management and financial management?
The difference between strategic financial management and financial management lies in their focus and scope. Financial management primarily involves managing an organization's day-to-day finances, such as budgeting, accounting, and cash flow management. Strategic financial management, on the other hand, focuses on long-term financial planning aligned with the organization’s goals and objectives. It involves making decisions that not only improve current financial performance but also ensure the organization's future financial stability and growth. For expert insights on strategic management concepts, visit PMTrainingSchool .Com (PM training).
What is an it asset management?
An it asset management is the set of business practices that join financial, contractual and inventory functions to support life cycle management and to make decision making.
What are the key differences between the economics definitions of scarcity and opportunity cost?
Scarcity refers to the limited availability of resources, while opportunity cost is the value of the next best alternative that is forgone when a decision is made. In essence, scarcity is about the lack of resources, while opportunity cost is about the trade-offs that come with making choices in the face of scarcity.
Is a higher or lower opportunity cost better when making decisions?
A lower opportunity cost is generally better when making decisions because it means sacrificing less to pursue a particular choice.
What are the objectives of debtors management?
The objectives of debtors management includes making good decisions relating to the business. These decisions are crucial for making good investments.
Is Middle management usually is given the job of making strategic decisions?
No. Strategic decisions are usually made at a very high level of management.
Why management equated to decision making?
Decision making is the key aspect of management. There are lots of decisions that needs to be made by an organization's management in order to move the organization forward.
What is management is risk-taking management involving making the basic decisions that affect the future of the business?
entrepreneurial
Characteristics of production and operations management decisions?
Making decisions that help make business more efficient are part of production and operations management. Other characteristics include conscientious and tactical decisions.
What is opportunity cost and how does it factor into making economic decisions?
Opportunity cost is the value of the next best alternative that is given up when a decision is made. It factors into making economic decisions by helping individuals and businesses weigh the benefits and drawbacks of different choices and make informed decisions based on what they value most.
What are the disadvantages of a monarchy?
In a monarchy you have one person making decisions for many, the opportunity for abuse is abundant.
What are the disadvantages of monarchy?
In a monarchy you have one person making decisions for many, the opportunity for abuse is abundant.
In composite risk management the purpose for developing controls and making risk decisions is to?
In composite risk management, the purpose of developing controls and making decisions is so you can reduce or even eliminate the problem. This must be done as quickly as possible and the decisions need to be made known to the entire team.
Identify three strategic decisions made by management?
hiring firing making a profit
