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Decision Making and Relevant Information

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Decision Making and Relevant Information

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    1. CHAPTER 11 Decision Making and Relevant Information

    2. Decision Models A decision model is a formal method of making a choice, often involving both quantitative and qualitative analyses. Managers often use some variation of the five-step decision-making process.

    3. Five-Step Decision-Making Process

    4. Relevance Relevant information has two characteristics: It occurs in the future It differs among the alternative courses of action Relevant costs—expected future costs Relevant revenues—expected future revenues

    5. Relevant Cost Illustration

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