DecisionMaking Essay Example | Topics and Well Written Essays - 2000 words

DecisionMaking - Essay ExampleGenerally, decision making consists of the following six steps (Glynn,Before winning the final decision, managers need to get an idea about the effectiveness of the course of action or fix they intend to apply on a particular problem, so a post decision paygrade via feedback can be worth while.In the managerial decision making process, the management comptrollers play a decisive role although they neither indulge in making nor in implementing the final decision, the management controller is held responsible for providing the information at each of the six stages mentioned above. Management is not concerned about how and from what procedures an accountant uses in his analysis and evaluation eventually the main concern of the management is the information regarding the problems and on the footing of this information, management reaches on a decision (Steffan, 2008).Management accountant is responsible to elaborate the management that the entropy tha t is been taken is pertinent to provide the information. Relevant data are the single most important subdivision in decision making (Drury, 2007). Relevant data usually consist of relevant cost and relevant revenue which must be considered by the accountants while choosing the alternative course of action make indisputable only those cost and revenues will be incurred which are relevant to the decision making.BUDGETINGThe budget is a three-figure expression of management objectives and a means of