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  • Decision Making Process

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    ALex Lim
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    The document discusses production operations and the decision making process. Production involves transforming inputs like raw materials, labor, and capital into outputs. The decision making process involves collecting information, diagnosing static and dynamic factors, and deciding whether to proceed based on substitutes, lessons from past failures, and contingent liabilities. Audits check for errors or fraud.

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    The document discusses production operations and the decision making process. Production involves transforming inputs like raw materials, labor, and capital into outputs. The decision making process involves collecting information, diagnosing static and dynamic factors, and deciding whether to proceed based on substitutes, lessons from past failures, and contingent liabilities. Audits check for errors or fraud.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    6 views1 page

    Decision Making Process

    Uploaded by

    ALex Lim
    The document discusses production operations and the decision making process. Production involves transforming inputs like raw materials, labor, and capital into outputs. The decision making process involves collecting information, diagnosing static and dynamic factors, and deciding whether to proceed based on substitutes, lessons from past failures, and contingent liabilities. Audits check for errors or fraud.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Operation: Production = transformation/ conversion of inputs into outputs.

    Production inputs: Production factors: raw materials, labor, and capital…

    Decision making process:

    1- Collect/receive information: relative and useful information


    2- Diagnostic: Static & dynamic
    a.Static
    b.Dynamic
    3- Decision making (yes/no)
    -Substitutes
    -Today Failure = experiences  future success
    Contingent liabilities

    Audit: Error or fraud

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