Answered: The process of choosing among competing…

The process of choosing among competing alternatives is called a. planning.b. decision making.c. controlling.d. performance evaluation.e. None of these.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 3MCQ: Setting objectives and identifying methods to achieve those objectives is called a. planning. b....

See similar textbooks

Related questions

Q: There are some M&As, which are driven by cognitive errors such as managers’ hubris. Explain how…

A: The phrases "mergers" and "acquisitions" are sometimes used interchangeably although their meanings…

Q: What are three important pitfalls to avoid when implementing a balanced scorecard?

A: Balanced Scorecard:Balanced scorecard is a management and planning strategy for organizational…

Q: When the producer delivers the policy, all of the following should be explained EXCEPT? Select one:…

A: The question is based on the concept of insurance and insurance contracts. An insurance contract is…

Q: Label each of the following statements as either true (“T”) or false (“F”). An opportunity cost is…

A: Answer: True.

Q: It says that step a is wrong. That those are not the right ROI's. Is there another way to solve that…

A: Introduction:- Return on investment indicates how well an investment performed in comparison to the…

Q: Mazen is not keen on collecting facts and information while solving problems. He is spontaneous in…

A: Decision-making could be defined as the process of choosing the best alternative out of several ones…

Q: . The Kano model classifies needs into three categories. Which of the following is not acategory in…

A: Kano model is developed in 1984 by Noriaki Kano for: Categorizing and prioritizing customer needs…

Q: How do simulation analysis and scenario analysis differ in the way theytreat very bad and very good…

A: The process to evaluate different probable events and their outcomes that is end result of a project…

Q: Which of the following is not a criticism of using ROI as the only performance measure?

A: ROI stands for Return on investment that shows the return earned by the company on the capital…

Q: a. Which process would you use if you use an optimistic decision-making criterion? b. Which process…

A: CVP Analysis stands for Cost Volume Profit. CVP Analysis is used to consider the various figures…

Q: The practice of bringing specific issues to the attention of management if they depart from…

A: Management by exception is a recognition and interaction device that alerts a manager whenever and…

Q: what is differrance between effectiveness an Efficiency

Q: s it possible that a positive alpha will be associated with inferior performance? Explain.

A: The statistical measure which is used in modern portfolio theory is alpha. The relationship between…

Q: MCMC and autocorrelation related to each other? If related, then what are the disadvantages…

A: GIVEN MCMC and autocorrelation related to each other? If related, then what are the…

Q: a) Explain how differential analysis assist managers in evaluating special order decisions? (No…

A: a) Special order refers to a unique one-time order made by a customer(usually one-time)…

Q: What are the advantages and disadvantagesof the residual policy? (Hint: Don’t neglect signaling and…

A: The residual dividend policy is one of the types of policies for the payment of dividends to…

Q: Internal rate of return approach does not address the issues of scale! Discuss?

A: Capital budgeting is a method used for finding the profitability of investment proposals. These…

Q: control is the process of setting goals and determining way to achieve them true false

A: Control is a function of management in accounting which helps to check errors in order to take…

Q: Discuss why the ROE is the key ratio under management control and how the other ratio effect the…

A: ROE is the net income divided by average equity. The ROE is a very important ratio and helps to…

Q: Factors in a decision problem that cannot be expressed in numerical terms are: a. qualitative in…

A: Correct Answer is Option A i.e. qualitative in nature.

Q: “Total input includes abnormal as well as normal spoilage and is, therefore, inappropriate as a…

A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…

Q: Which of the following is not a characteristic of a good performance measurement system? Group of…

A: There are many measures used by an organization to measure the performance of its employees. The…

Q: What is the benefit of identifying avoidable and unavoidable cost in decision making process?

A: Avoidable costs: Avoidable Costs, as the name suggests, are the costs that can be avoided of the…

Q: What kinds of controls are the most difficult to show in a balanced scorecard?

A: The balanced scorecard is a too for measuring the performance.

Q: Discuss the benefit of identifying avoidable and unavoidable cost in decision making process.

A: Benefit of Avoidable Cost 1. Avoidable cost Avoidable cost helps management in decision making…

Q: If a MARR is given by management, which means that decision makers would like a ROR: Select one: O…

A: Rate of return means the percentage of profit we get from any project and MARR means the minimum…

Q: Future costs that do not differ among the alternatives are not relevant in a decision. True or False…

A: A expense that is anticipated to be incurred in the future is referred to as a future cost. It is…

Q: . What factors determine the relevance of information to decision making? 2. What are sunk costs,…

A: Majorly decision-making managers have to consider the relevant information which is associated with…

Q: What is the implication of the cost of the “wrong decision” in the selection process

A: Selection process refers to the process in which we choose an alternative from all the available…

Q: Stakeholders are less likely to include which of the following groups

A: Meaning of Stake holders In any entity stake holders can be segregated in to internal and external…

Q: Which of the following statements about the visual fit method is/are correct? A: The method results…

A: Answer- Visual Fit Method is a cost estimation method in which previous data on cost levels and…

Q: Briefly explain the importance of distinguishing between relevant and irrelevant costs for the…

A: The costs that are affected by decision are relevant cost and those costs are not get affected are…

Q: The inputs to a model may have different roles. Among the choices, which should be excluded?…

A: Inputs are main variables for decision making in any model. Inputs influence the output amd the…

Q: If a MARR is given by management, which means that decision makers would like a ROR Select one: 3.…

A: MARR represents the minimum acceptable rate of return fixed by the management. The company would…

Q: Setting objectives and identifying methods to achieve those objectives is calleda. planning.b.…

A: Planning entails the maintenance and organizational approach to reaching strategic goals. Managers…

Q: How will management know if one of the hypotheses underlying the balanced scorecard is false?

A: The best way to sort out if the speculation is valid or bogus is by trying it. All the speculation…

Question

The process of choosing among competing alternatives is called

a. planning.
b. decision making.
c. controlling.
d. performance evaluation.
e. None of these.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The inputs to a model may have different roles. Among the choices, which should be excluded? Choices: A.decision variables B.intermediate calculation C.No choice given D.conversion factors E.historical data
Setting objectives and identifying methods to achieve those objectives is called a. planning. b. decision making. c. controlling. d. performance evaluation. e. None of these.
Which of the following is not a step in the short-run decision-making model? a. Defining the problem. b. Identifying alternatives. c. Identifying the costs and benefits of feasible alternatives. d. Assessing qualitative factors. e. All of these.
Factors in a decision problem that cannot be expressed in numerical terms are: a. qualitative in nature. b. quantitative in nature. c. predictive in nature. d. sensitive in nature. e. uncertain in nature.
Which of the following statements is FALSE about "backward thought process'? Statement I. It considers a variable of interest (the model output) and defines its underlying, or causal, factors. Statement Il. It is a qualitative process. Choices: A. Neither of the two statements is FALSE B. Both statements are FALSE. C. Only statement Il is FALSE. D. Only statement I is FALSE.
The underlying theme of the conceptual framework is: a. decision usefulness. b. understandability. c. reliability. d. comparability.
Which one is not an example of input to a mathematical model? a. Uncontrollable or environmental variableb. Answer not givenc. Controllable or decision variabled. Projected result
Which of the following is not a characteristic of a good performance measurement system? A. timely B. consistent C. based on activities over which managers have no control or influence D. uses both long- and short-term performances and standards
Should an organization focus on controllable or uncontrollable factors to effectively implement a successful performance measurement system? Explain your answer.
What is EVA and why is it superior to other performance measures?
Identify the appropriate qualitative characteristic(s) being described in the statements below.. Information that is capable of making a difference in a decision is said to have this fundamental quality. Select one: O a. Materiality O b. Comparability O c. None of the answers are correct O d. Faithful representation O e. Relevance
Match each of the components of faithful representation with its definition.Faithful Representation Definition1 . Freedom from error a. All information necessary to describe an item is reported. 2. Neutrality b. Information that does not bias the decision maker. 3. Completeness c. Reported amounts reflect the best available information.