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DecisionMaking - Essay Example

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The process of choosing the best alternatives whether it is short term or long term is known as decision making (McWatters, 2008). A manager's main aim is to reduce the cost of the corporation and increase its surplus through his expertise. A manager is fully equipped with all the relevant tools to mitigate the cost and enhance the bottom line…
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Download file to see previous pages Generally, decision making consists of the following six steps (Glynn,
Before taking the final decision, managers need to get an idea about the effectiveness of the course of action or remedy they intend to apply on a particular problem, so a post decision evaluation via feedback can be worth while.
In the managerial decision making process, the management accountants play a decisive role although they neither indulge in making nor in implementing the final decision, the management accountant is held responsible for providing the information at each of the six stages mentioned above. Management is not concerned about how and from what procedures an accountant uses in his analysis and evaluation; eventually the main concern of the management is the information regarding the problems and on the basis of this information, management reaches on a decision (Steffan, 2008).
Management accountant is responsible to elaborate the management that the data that is been taken is relevant to provide the information. Relevant data are the single most important ingredient in decision making (Drury, 2007). Relevant data usually consist of relevant cost and relevant revenue which must be considered by the accountants while choosing the alternative course of action; make sure only those cost and revenues will be incurred which are relevant to the decision making.
BUDGETING:
The budget is a quantitative expression of management objectives and a means of ...Download file to see next pagesRead More
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