Select one of the decision … Traditionally, the role of the accountant in business may have been to provide management information to support decision making or to flex the budget after a decision had been made to allow implementation. Characteristics of Decision Making 3. –A bad decision may occasionally result in a good outcome if you are lucky; it is still a bad decision . Rationality. It uses a . decision making across the business. Psychological research has shown that people make decisions that after reflection they regard as wrong. It is a predisposition to use a particular sequence or strategy independent of the subtleties of the situation. Meaning of Decision Making 2. The decision-making process in five steps (Doyle, J., 2012), presented in Figure no. A decision usually involves three steps: (1) A recognition of a need (2) a decision to change and (3) a conscious dedication to implement the decision (Arsham, 2010).Making the right decisions is not only what someone wants to do, but also includes what he has to do. Decision Making 1.1 IntroductIon We all make decisions every day, but few of us think about how we do it. Not making a decision is, in and of itself, a decision. Process 4. Identify the possible outcomes 3. You may have It is helpful to think about them one by one. Remember, you are looking for a good decision. Over-focusing on making the “right” decision can leave you stuck. Remember that avoiding making a decision is a kind of decision itself – and it has consequences, too. Our purpose in this book is to provide a systematic process that enables quality decision making. situation and options. List the payoff or profit or reward 4. List the possible alternatives (actions/decisions) 2. This workbook is designed to help you make a decision that you find difficult. 2, is also used in the managerial practice and implies: identifying the decision to make, examining the options, gathering information, decision-making and implementing the decision. To reduce cost is a strategic decision which is achieved through operational decision of reducing the number of employees and how we carry out these reductions will be administrative decision. Some complicated situations involve more than one decision. However, the role of the management accountant is relevant throughout the process of effective decision • The chosen option in a decision problem should remain the same even if the surface description of the problem changes (descriptive invariance) – Contradicted by pseudo­certainty and framing effects • The chosen option should depend only on the outcomes that will obtain after the decision is made, In order to identify the decision to be made the decision-maker has to Steps in Decision Theory 1. The research on decision-making styles has a very clear finding: your decision-making style is a liability, a blind spot. Factors Influencing 5. And you can always continue to decision-make in response to your initial decision. And sometimes, there isn’t a “right” decision. 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