Tag Archives | Managerial Decision-Making

Steps Involved in Managerial Decision-Making

The following points highlight the seven main steps involved in managerial decision-making. The steps are: 1. Establishing Objectives 2. Defining the Problem 3. Identification of Variables and their Relation to the Problem 4. Identification of Alternatives 5. Collection of Data 6. Evaluation and Screening of Alternatives 7. Implement and Monitor the Decision. Step # 1. Establishing Objectives: Decision-making refers to [...]

By Samia Rekhi|2016-05-16T07:54:37+05:30May 16, 2016|Decision Making|Comments Off

Concept of Cost and Managerial Decision Making

The following points highlight the twelve main concepts for managerial decision making. Some of the concepts are: 1. Direct and Indirect Cost 2. Opportunity Vs. Outlay Cost 3. Relevant Costs and Irrelevant Costs 4. Past vs. Future Cost 5. Traceable (Separable) and Common Costs 6. Out of Pocket and Book Costs 7. Committed and Discretionary Costs 8. Marginal and Incremental [...]

By Samia Rekhi|2016-05-16T07:53:40+05:30May 16, 2016|Theory of Cost|Comments Off