Tag Archives | Decision Making

Steps Involved in Decision Making

Decision-making is not an easy job. It requires a lot of skill. A decision-making is affected by a number of factors. So, the manager can take good decisions by adopting a procedure. A manager may not be able to take good decisions if he fails to follow a sequential set of steps. The decisions-making process depends upon the nature of [...]

By |2020-05-18T17:31:17+00:00May 18, 2020|Decision Making|Comments Off on Steps Involved in Decision Making

Top 9 Cost Concepts used in Decision Making

The following points highlight the top nine cost concepts used in decision making. The cost concepts are: 1. Marginal Cost 2. Out of Pocket Costs 3. Differential Costs 4. Sunk Costs 5. Opportunity Cost 6. Imputed Costs 7. Replacement Cost 8. Avoidable Cost and Unavoidable Cost 9. Relevant Cost and Irrelevant Cost. Decision Making: Cost Concept # 1. Marginal Cost: [...]

By |2016-06-18T06:58:42+00:00June 18, 2016|Cost Analysis|Comments Off on Top 9 Cost Concepts used in Decision Making
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