Developing objectives and plans in decision making process
Write down a short note on the developing objectives and plans in decision making process?
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Developing objectives and plans: Managers are mainly accountable for establishing the mission and aims of the business and then developing policies and plans to accomplish such objectives. The management accounting information can aid in gathering information which will be helpful in developing suitable objectives and policies. This can as well produce financial plans which set out the likely outcomes from the adopting specific policies. The managers can then employ such financial plans to compute each policy and use this as the basis for deciding between the different policies on offer.
Estimated Cost: The procedure of projecting a future outcome in terms of cost, based on information accessible at the time. The estimated costs, instead of actual costs, are at times the basis for credits to work-in-process accounts a
Full Cost: The sum of all costs needed by a cost object comprising the costs of activities executed by other entities in spite of of funding sources.
Performance Measurement: A means of computing effectiveness, efficiency, and outcomes. A balanced performance measurement score-card comprises financial and non-financial measures focusing on the quality, cycle-time, and price. The performance measure
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Cost Allocation: This is a technique of assigning costs to activities, outputs, or other cost objects. The allocation base employed to assign a cost to objects is not essentially the cause of the cost. For illustration, assigning the
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Capital Budgets: The procedure of finding out which potential long-term projects are value undertaking, by comparing their estimated discounted cash flows with their internal rates of return. Capital Budget is the
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