Steps in the decision-making process
The six steps in the decision-making process are to clarify the decision problem, specify the criterion, identify the alternatives, develop a decision model, collect the data and select an alternative.
i. In which step is the management accountant most heavily involved? Explain.
ii. Assume that a decision-making process has been underway for a while and that three alternatives have been developed. At the last step in the process, the managers suddenly realise there is another alternative. Describe which steps in the decision-making process will have to be revisited in order to consider this new alternative.

Question

Quizplus · Accepted Answer

The Answer of Steps in the decision-making process
The six steps in the decision-making process are to clarify the decision problem, specify the criterion, identify the alternatives, develop a decision model, collect the data and select an alternative.
i. In which step is the management accountant most heavily involved? Explain.
ii. Assume that a decision-making process has been underway for a while and that three alternatives have been developed. At the last step in the process, the managers suddenly realise there is another alternative. Describe which steps in the decision-making process will have to be revisited in order to consider this new alternative.

Steps in the Decision-Making Process