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Why are variable costs more relevant than fixed costs in short-term decision making?
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How many times do you repeat a control experiment with 1 variable?
Among other factors, the answer will depend on: the variability of the response (dependent) variable, the cost (disbenefit) of making the wrong decision based on the outcome, the cost of conducting the experiment repeatedly.
Decision making theory?
Decision making theory is used to determine the values and other issues, including uncertainties, that relate to the decision being made. It is then determined if the decision is a rational and wise decision to be made.
What is task variable?
task variable refers to the task being done in an experiment.......eg-in recall and recognition measure experiment task variable is making lists
What are the classification of families according to degree of authority?
Patriarchal - it is were the father is in charge in decision making. Matriarchal - it is were the mother is in charge in decision making. Democratic - one couples allows their children to join in decision making. Permissive - no specific one to give authority.
Is time an independent variable?
i am just making stuff up
Is variable cost a relevant cost?
No. If a variable cost does not differ between alternatives than it is irrelevant.
Are sunk costs ever relevant for decision-making purposes?
NO, its cost which was wasted in past we can not recover it so it is not relevant for decision making.
Why is decision making relevant to planning?
When planning, there are different options that could be chosen. Decision making is relevant to planning because decisions as to the best options need to be made.
Why is decision making relevant to ones health?
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What is the difference between relevant cost and irrelevant cost?
Relevant cost is that cost which is required for the specific decision making process or the cost which will be change due to specific decision while irrelevant cost has no concern with decision making or any specific decision.
What is the distinction between relevant cost and irrelevant cost?
Relevant cost is that cost which is necessary for the underlying decision in decision making process while irrelevant cost is not necessary to be decision to be made.
The most relevant costs that should be used in decision making are?
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Are all future cost are relevant in decision making?
Future costs are relevant in decision making if the decision will affect their amounts. For example, suppose you're trying to decide whether to drive to work or take the bus. Relevant future costs information includes (1) the cost of gasoline and tolls needed to drive to and from work and (2) the cost of bus fare because both of these costs depend on your decision. However, future costs that won't change - such next month's rent on your apartment - are not relevant because, regardless of your decision, they will not change. Note that past costs are never relevant in decision making.
All future costs are relevant in decision making?
Future costs are relevant in decision making if the decision will affect their amounts. For example, suppose you're trying to decide whether to drive to work or take the bus. Relevant future costs information includes (1) the cost of gasoline and tolls needed to drive to and from work and (2) the cost of bus fare because both of these costs depend on your decision. However, future costs that won't change - such next month's rent on your apartment - are not relevant because, regardless of your decision, they will not change. Note that past costs are never relevant in decision making.
Why contribution theory is used as a basis for providing information relevant to decision making?
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What economic conditions are relevant in managerial decision making?
There are seven economic conditions which are relevant in managerial decision making. The conditions are market structure, supply and demand condition, technology, government regulation, international dimensions, future conditions and macroeconomic factors.
How is relevant costing useful in determining the good business decision making?
Relevant costing is important to good business decision making because it allows a company to price their goods and services for maximum sales. Without the ability to make sales, no business will survive.
