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RELEVANT INFORMATION FOR DECISION MAKING
Transcript of RELEVANT INFORMATION FOR DECISION MAKING
RELEVANT INFORMATION FOR DECISION MAKING Part 1
Very important in decision making, as if misinformed, it will lead to a bad decision
TYPES OF PROBLEMS
QUALITATIVE FACTORS INFLUENCING DECISIONS
Information is an important factor that will influence decision making
Decision making is core management function as wrong decisions will affect the performance of the business
2 types of decision making:
- short term (below 5 years)
- long term (above 5 years)
Relevant cost- cost that will make difference between alternative courses of actions
Irrelevant cost- not make any difference regardless of which option is taken.
ACCEPT OR REJECT SPECIAL ORDER
MAKE OR BUY
ADD OR DROP A SERVICE/PRODUCT/DEPARTMENT
SELL OF FURTHER PROCESS
Short term decisions consider mainly financial factors, but the final decision will still include the qualitative and non-financial factors as the image of the business must not be jeorpadized and corporate responsibility not compromised.