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What role do scarcity and opportunity cost play in making management decisions?
Wiki User
∙ 9y ago
If you do not have a resource, you will have to make different decisions. If you have an opportunity come up, you may have to change your plan.
Wiki User
∙ 9y ago
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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
How is marginal and differential costing used as a tool for decision making?
The Marginal or differential accounting has the basic rule that this accounting method donot consider decisions made previously and only considers the decisions effecting the future so only that information is used for future decision making which is going to effect or change the future decisions and don't considers the decisions made before. So past information is not relevent for future decision making and this is also the main rule which is used by this accounting method if we use other accounting methods like absorption costing for decision making in the end there is a chance to make wrong decisions.
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 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 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
How would each of 10 operation management decisions apply to operations decision making at regal marine?
How OM decisions apply to operations decision making at regal marine
How would each of the 10 operations management decisions apply to operations decision making at Regal Marine?
How OM decisions apply to operations decision making at regal marine
How project management helpful to MBA marketing?
MBA marketing is helpful; it emphasizes marketing management as a handle when making business decisions.
