Determining costs and benefits in decision making process
Write down a short note on determining costs and benefits in decision making process?
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Determining costs and benefits: Most of the management decisions need knowledge of the costs and benefits of pursuing a specific course of action like providing a service, generating a new product or closing down the department. Decision will include weighing the costs against the advantages. The management accountant can aid managers by giving details of specific costs and benefits. In some situations, costs and benefits might be extremely difficult to quantify; though, some approximation is generally better than nothing at all.
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Direct Cost: The cost of resources directly used by an activity. The direct costs are assigned to actions by direct drawing of units of resources used by individual actions. A cost which is particularly recognized with a single cost o
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
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