The process of choosing among two or more alternatives is called? a. Contingency Planning. b. Decision Making. c. PMI Analysis. d. Autocratic Leadership. | Homework.Study.com (2024)

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• Differential Analysis: Make or Buy Managers must often decide between two or more alternatives. Differential analysis is used in decision making. When using differential analysis, it is important to
• Today's managers need to consider the alternatives in their strategic decision making. Describe a decision scenario, when a manager of a utility company might use a What-If Analysis to get the job done. Can you think of other business scenarios where this
• The process of analyzing alternative investments and deciding which assets to acquire or sell is known as: a. Planning and Control b. Capital budgeting c. Variance analysis d. Master budgeting e. M
• The steps in management's decision-making process are listed in random order below. Indicate the order in which the steps should be executed. ____ Make a decision ____ Identify the problem and assign responsibility ____ Review results of the decision
• What additional information you think a future manager should know about decision-making, contingency planning, and critical thinking?
• Compare and contrast planning decisions with control decisions. Is one more important than the other? Why or why not?
• Incremental analysis is most useful: A. in developing relevant information for management decisions B. as a replacement technique for variance analysis C. in choosing between capital budgeting methods D. in evaluating the master budget
• Comparing budgets versus actuals is an example of which management responsibility? Planning. Directing. Controlling. Decision making.
• Which of the following steps is considered the first step in the managerial decision-making process? a. Gather information and perform differential analysis. b. Review, analyze, and assess the results of the decision. c. Identify alternative courses of
• The steps in management's decision-making process are listed in random order below. Indicate the order in which the steps should be executed. - Make a decision - Identify the problem and assign resp
• There are two types of capital budgeting decisions, screening decisions, and preference decisions. What is the difference between the two?
• The controller of an organization participates in: 1. planning 2. controlling 3. decision making 4. all of these
• Exercising good judgment in performing the managerial functions and choosing among alternative courses of action is called.
• Comparing budgets versus actuals is an example of which management responsibility? a. Planning b. Directing c. Controlling d. Decision making
• Relate how global interconnectedness affects the choice of 3 valuation methodologies in management decision making.
• In which step of the decision-making process are projected financial statements likely to have a valuable role? A. Consider options. B. Evaluate options and make a decision. C. Identify objectives. D. Prepare long-term plan based on the most appropriat
• The forefront of managerial activity is: a. planning activities. b. controlling activities. c. evaluating activities. d. decision-making.
• Ortega has prepared the following list of statements about decision-making and incremental analysis. 1. The first step in management's decision-making process is, "Determine and evaluate possible cou
• Pender has prepared the following list of statements about decision-making and incremental analysis. 1. The first step in management's decision-making process is, "Determine and evaluate possible courses of action." 2. The final step in management's dec
• Which is the first step in the management decision-making process? A) Determine and evaluate possible courses of action. B) Review results of the decision. C) Identify the problem and assign responsibility. D) Make a decision.
• Budgets are a way for managers to communicate their: a. hiring practices b. decision-making c. control d. plans
• Assess decision-making approaches to forecasting results using different techniques. Compare the results.
• Which of the four methods of evaluating capital projects would you prefer to use, and why? How would the type of capital investment decision you were making affect your choice of method?
• Assess decision-making approaches to forecasting results using different techniques.
• Preparing a budget allows managers to: a. plan for the future. b. reduce the need for unprepared responses to unexpected situations. c. assess whether a division's strategic direction is in line with corporate strategy. d. All of these answer choices are
• In what type of business decisions can incremental analysis be used for decision-making?
• Examining past performance, exploring alternatives, and planning future is classified as: a. learning b. alternating c. examining d. deciding
• Which of the following is NOT a sub-process associated with risk management? A. Risk identification B. Risk measurement C. Qualitative risk analysis D. Risk response planning
• Seven steps in the decision-making process are as follows: 1. Clarify the decision 2. Specify the criterion 3. Identify the alternatives 4. Develop a decision model 5. Collect the data 6. Select an alternative 7. Evaluate decision effectiveness Elaborate
• Give examples of the strengths and weaknesses inherent in using standards for planning, controlling, and decision making.
• The controller of an organization participates in: a. planning b. controlling c. decision making d. all of these
• Critical thinking is most important in which of the following problem-solving steps? A. recognizing a problem B. identifying alternative solutions C. evaluating the alternatives D. selecting a solution from among the alternatives
• Which of the following is the second step of the budgeting cycle? A. Feedback. B. Leading/Directing. C. Organizing. D. Planning.
• Which one of the following stages of the management decision-making process is properly sequenced? a. Evaluate possible courses of action, make decision b. Review the actual impact of the decision, determine possible courses of action c. Assign responsibi
• How can planning, decision making, and training aid in developing organizational culture in health organizations? What are potential consequences if a health organization does not have proper planning, does not utilize effective decision making models?
• Capital budgeting decisions require careful analysis because they are generally the ........................, ............................ and ...................... decisions that management faces.
• In the decision-making process, which of the following situations would be best addressed by managers using a segmented income statement rather than a contribution margin format income statement? a. The decision on whether or not a one-time special order
• Define budgeting and discuss its role in planning, control, and decision-making. Describe the behavioral dimensions of budgeting.
• True or False? While there are a variety of management tools that are available to managers, choosing only one tool is best in the decision making process to allow for consistency.
• Select the incorrect statement about the planning process. A. Planning decisions are often sub-divided into three distinct planning phases, short-term, intermediate-term, and long-term B.The longer
• Which of the following functions of management compares planned results with actual results? 1) Planning. 2) Directing and motivating. 3) Controlling. 4) Decision-making.
• (a) Describe the standards for comparison in analysis. (b) How they can assist stakeholders in the decision-making process?
• When is incremental analysis most useful? a. in choosing between capital budgeting methods b. in evaluating the profitability of a company c. in developing relevant information for management decisions d. after a decision has been made to determine its ef
• "Tactical decisions are often small-scale decisions that serve a larger purpose." Discuss how this relates to ratio analysis. Give an example of a decision a company might make using this logic based on rational analysis techniques.
• Select any three management theories (from different approaches). What is the significance of those theories to modern day management practice?
• In the decision-making process, which of the following situations would be best addressed by managers using a segmented income statement rather than a contribution margin format income statement? a. The calculation of the break-even point for the upcoming
• Consider the two mutually exclusive investment alternatives given in the table below. What is the IRR on incremental investment? Which project would be selected based on the rate of return decision c
• Capital budgeting is the process: a. of determining how much capital stock to issue b. used in sell or process further decisions c. of determining special orders d. of making capital expenditure decisions
• Capital budgeting is the process: a. of determining how much capital stock to issue. b. that is used in sell or process further decisions. c. of determining special orders d. of making capital expenditure decisions.
• In the classical decision-making model, optimization means: A. implementing two or more alternatives simultaneously. B. choosing the alternative with the best overall expected outcomes. C. gathering the most complete information before making the decis
• _____ is the process of making long-run planning decisions for investments in projects. a) Capital budgeting b) Predictions c) Obtain information d) Initial investment e) Payback
• Which of the following is not true about product-mix decisions? a) Decisions have long-run focus. b) Decisions have short-run focus. c) Managers analyze individual product contribution margins. d) Managers need to understand which products to sell and in
• In business decision scenarios, managers face the dilemma, for example, whether to continue the project or to abandon it, whether to finance a project with debt or equity, etc. How can we apply
• In acquiring funds to finance major projects, how should the management choose from among the alternatives?
• In acquiring funds to finance major projects, how should management choose from among the alternatives?
• Of the four methods of capital budgeting analysis, select one of the two that are used for investments with short life spans and describe that method and how it is used.
• The two common approaches to budgeting is the top-down budget approach and the bottom-up approach. These two methods have advantages and disadvantages both from a practical standpoint and behavioral issues. List and discuss (a) two advantages relating to
• What is the capital budgeting process? Do you think this should be left only to top management? Why or why not?
• 1.) Conducting a preliminary screening of capital investment proposals falls under which stage of the management process? (A) Planning (B) Performing (C) Evaluating (D) Communicating 2.) While making
• Budgeting is usually most closely associated with which management function? a. Planning b. Directing c. Motivating d. Controlling
• Management uses several capital budgeting methods in evaluating projects for possible investment. Identify those methods that are more desirable from a conceptual standpoint, and briefly explain what features these methods have that make them more desirab
• Budgeting is usually most closely associated with which management function? A. Motivating B. Planning C. Directing D. Controlling
• Which of the following should be kept in mind while analyzing a Make or Buy decision? A. Ensure that quality is not at risk. B. Use differential analysis. C. Ensure prompt delivery. D. All of these choices are correct.
• A decentralized organization is one in which: a. each shareholder is given decision-making authority. b. managers at various levels throughout the organization are given decision-making authority. c. only top-level management is given decision-making auth
• Which of the following is least likely to be used by a manager to set the right tone to foster ethical leadership? a. Make decisions that are universal. b. Reflect before deciding. c. Consider the implications of one's actions on the stakeholders. d.
• "Tactical decisions are often small-scale decisions that serve a larger purpose". Discuss and give an example of a decision a company might make using this logic.
• What factors should management consider in determining if borrowing funds is a viable solution?
• Differential analysis is a common method used when making which decisions? a. long-term capital project decisions b. short-term business decisions c. sunk cost decisions d. long-term business decisions
• What is capital budgeting? What are the differences between screening decisions and preference decisions? Do you ever have occasion to make capital budgeting decisions in your personal life?
• In making investment and lending decisions, _______. (a) there is no relationship between risk and rate of return (b) alternatives with the highest return generally have the lowest risk (c) alternatives with the highest risk are selected (d) alternatives
• The process by which management allocates available investment funds among competing capital investment proposals is referred to as: a. capital rationing. b. capital expenditure budgeting. c. leasing. d.capital assignment
• A decision model involves: A) only quantitative analyses B) a manager's instinct C) only qualitative analyses D) both quantitative and qualitative analyses
• Identify the term being described. Having information available to decision makers in time to be capable of influencing their decisions
• A valid reason for using a quantitative approach to the decision-making process is when: a. the problem is particularly complex. b. the problem is unique and the manager has no prior experience solving this sort of problem. c. the problem is repetitive
• The budgeting approach based on the collective judgments of top and middle managers is called: A. top-down budgeting B. bottom-up budgeting C. activity budgeting D. program budgeting
• 15. Which of the following is not a benefit of following a well-designed budgeting process? |A.| Improved decision-making processes. |B. |Improved performance evaluations. |C. |Improved coordinatio
• A decision model involves: A) both quantitative and qualitative analysis. B) only qualitative analyses. C) only quantitative analyses. D) a manager's instinct.
• What is capital budgeting? Please identify four reasons that capital budgeting decisions by managers are risky.
• Discuss the concept of equivalent units and how that concept relates to management decision making. Be sure to include information in your discussion about the weighted-average method in comparison to
• Effective management control systems allow top managers to delegate a. decision-making. b. planning c. control. d all of the above
• One of the two alternatives below must be implemented. For a discount rate of 12%, determine which of the two you will recommend and why. Alternative A Alternative B Initial Cost $160,000 $300,000 Life Span 8 years 5 years Salvage Value $20,000 $50,000 A
• Auditors should be alert for potential judgment tendencies, traps, and biases that may impact their decision-making process. Identify and define four of these judgment tendencies. Then, for each judgment tendency, suggest a way to avoid or mitigate the te
• (CMA adapted) Which of the following is decentralization least likely to accomplish? a. Provide a pool of management talent. b. Shorten decision time. c. Heighten goal congruence. d. Increase the motivation of subunit managers.
• Decision making under risk means the decision maker: A. has no data on which to base his or her decision. B. is risk-averse, avoiding risky investments. C. knows all the risks involved in the decision. D. can estimate decision data with some probability.
• What is the difference between qualitative and quantitative factors in regards to the 'make-or-buy' decision making process?
• The budget process is a loop that consists of: a) developing strategies, planning, acting, and controlling b) planning, acting, and controlling c) developing strategies, acting, and controlling d) developing strategies, planning, and acting
• Discuss the behavioural implication of planning and control when a company's management employ a participative budgetary approach.
• Identify two simplifying assumptions associated with discounted cash flow methods of making capital budgeting decisions.
• Which of the following statements regarding a joint production process is not true? a. The essential decision facing management is whether to sell products at the split-off point or to sell these products after further processing. b. The allocation of joi
• Determine two to three (2-3) methods of using stocks and options to create a risk-free hedge portfolio can be created. Support your answer with examples of these methods being used to create a risk-fr
• Discuss the behavioural implication of planning and control when a company's management employs a participative budgetary approach.
• 1) If you are using the payback period to make your decision among investment, what is a major assumption you are making? a) That the balance sheet is reflective of the investment choice. b) That th
• Each of the following considerations should help to evaluate alternative courses of action in the decision-making model, except: a. whether or not the alternatives are consistent with professional standards. b. whether or not the alternatives are consis
• What are the four stages of a product's life cycle? Select one: a. development, controlling, feedback, and decline. b. design, planning, redesign, and maturity. c. planning, controlling, monitoring, and feedback. d. design and development, growth, maturi
• Management must be able to monitor and evaluate the efficiency and effectiveness of expenditure cycle processes. The data must be accurate, reliable, and timely to be useful for decision making. Distinguish why all three qualities of data are required. Se
• Performance analysis in the planning and control cycle relates to the act of: a. planning. b. managing. c. controlling. d. revising plans.
• Which one of the following is the preferred alternative when deciding between two options? a. Incremental profit is greater than under the other alternatives. b. Revenues are greater than under the other alternatives. c. Expenses are less than under th
• Capital budgeting is the process by which long-term fixed assets are evaluated and possibly selected or rejected for investment purposes. The purpose of capital budgeting is to evaluate potential proj
• Briefly identify the general tax planning concepts that must be considered when deciding which option any taxpayer should use when practicing effective tax planning.
• "Manage by exception" is a term often used by management. How can the analysis of variances assist in this process?