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Making decisions is an intelligent action that any normal human being performs several times each day, starting from the time one decides to get up out of bed and ending with what one decides to think about as one falls asleep at the end of the day. In between are thousands of decisions that are made following a few basic and simple rules, but these decisions may differ in their complexity.
Some decisions are simple and have short-term consequences, such as deciding what to wear to school or at work, but some may be complex because they have long-term consequences, such as deciding what academic programme to take up in the university. The complexity of decision-making depends on several factors, of which the time frame – of making the decision and the consequences of the decisions made – is only one. Examples of other factors are the impact of the decisions on the person, the number of people involved in making the decision and who would be affected by the consequences of that decision, and the risks to which decision-makers are willing to expose themselves and their resources.
Organisations, being made up of several people with a common set of objectives, are subject to these same factors that affect the way that decisions are made. However, unlike personal decisions that may affect only one person, i.e., the decision-maker, organisational decisions have an impact on everyone in the organisation, on the customers that the organisation exists to serve, the owners of the business, and on other parts of society in which the organisation operates. Thus, organisational decisions carry greater risks, which is the probability that the perceived effect of the decision would not be the same as or even close to what is originally intended. Decisions are made to achieve a specific outcome, and in the case of a business organisation, such an outcome is intended to be in line with the purpose and business of the organisation (Sitkin
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However, in the prevailing contemporary business environment things have changed a lot. While making any decision, one has to analyse several external as well as internal factors. As for example, factors like economic condition, political state of the local as well as of other nations; legal frame work, social environment, technical changes and environmental condition have major influence on the performance of the organisation.
Accounting Information in Decision Making Outline i. Introduction ii. Models of decision-making and their limitations (constraints) a. Individual: Subjective Expected Utility b. Group: Theory of the Firm iii. Role of managerial accounting in providing information to aid individual and group decision-making a.
The objective of this paper is to show the importance of technology in an organisation. The paper’s purpose further lies in analysing the prospects for the advanced technology to meet the needs of an organisation. The research design of the paper provides the details of the research methodology.
Relevant information for decision making refers to information to be used at some future time and do have some difference for each option available to the decision maker, for instance in relation to relevant costs in replacing equipment we will include the cost of purchasing a new equipment, installation cost, operation cost, and the disposal cost of the current equipment, the cost of repair of the old machine (Hansen & Mowen, 2000).
The data and information required to make a decision must be gathered and analyzed. This will help the organization to make a better decision. A decision must be taken after analyzing its pros and cons. Hence a decision has to be taken keeping in mind all its consequences and effects.
Although this should be considered but the appropriation should not be written down for the analysis as it would give incorrect results.
b) In the case where, ‘the $800,000 of foreign pre-sales because they were "probable" not actual’, there should
the firm stated that it is specifically interested in presenting a more “green” and sustainable image to the customer while being mindful of the environmental impact that product packaging has once utilized and discarded. The firm further noted that although redesigning the
k urgently Kindly note that, as requested you will find an attached for GL&SCM assignment one as follows: C/W 1 � (50% of the overall grade) - Submission date February 2015 - TBC Assignment Rationale �Operating in an increasingly interconnected world, leading companies
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