Regions of decision making process
What are the possible broad regions of decision making process where management accounting information is required?
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The possible broad regions of decision making process where management accounting information is required are as follows:
a) Developing objectives and plans.b) Performance evaluation and control.c) Allocating resources.d) Determining costs and gains.
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Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.
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Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.
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