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Lecture

ACC 406 CHAPTER 13 NOTES.docx

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Department
Biology
Course
BIOL 2P98
Professor
Daniel Glenday
Semester
Spring

Description
ACC 406 CHAPTER 13 NOTES The decision making model1 Recognize and define the problem 2 Identify alternative as possible solutions to the problem eliminate alternatives that are clearly not feasible 3 Identify the costs and benefits associated with each feasible alternative Classify costs and benefits as relevant or irrelevant and eliminate irrelevant ones from consideration 4 Estimate the relevant costs and benefits for each alternative 5 Assess qualitative factors 6 Make the decision by selecting the alternative with the greatest overall net benefit Relevant costspossess two characteristics 1 they are future costs and 2 they differ across alternatives All pending decisions relate to the future accordingly only future costs can be relevant to decisions However to be relevant a cost must not only be a future cost but must also differ from one alternative to anotherAll pending decisions relate to the future accordingly only future costs can be relevant to decisions However to be relevant a cost must not only be a future cost but must also differ from one alternative to anot
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