acc_557_week_1_individual_assignme...

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Learning Team A, Week 6 SummaryACC/561DateInstructorWeekly SummaryRelevant Costs to making Business DecisionsManagers make business decisions on a whole each day concerning buying and manufacturing product as well as buying services and priding them. These decisions weigh heavily on a cost analysis surveying the variable and fixed costs involved with the continuation of a product or service. Underlying measures, such as decision and brainstorming include knowing what the overhead expenses are as well as the variable and fixed costs. Future costs may apply but sunken costs usually do not.Management's Decision-making ProcessA critical ability for any manager is make good decisions. This valuable skill allows a manager to formulate plans that solve problems. However, decision-making is not simply the writing of a decree is out. Good managers use a process to refine their thinking to optimize the outcome of their decision. Four frequently used steps in decision-making are as follows:1- Identify the problem and assign responsibility2- Determine and evaluate possible courses of action3- Make a decision4- Review results of the decision(Kimmel, Weygandt, Kieso, 2009, pg. 1154)In this way, decisions are made after considering the proper data, options, carried out with clarity, and reviewed for improvement.Incremental AnalysisOne very valuable tool for decision making that accounting can supply is that of Incremental Analysis. Incremental analysis is a

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