ACT3202 MANAGEMENT ACCOUNTING II
INDIVIDUAL ASSIGNMENT: MAKING INFORMED DECISION
You are required to write a short reflection essay after the industry talk scheduled on 22nd November 2020. The essay carries 10% of the overall coursework for the course. Your written assignment is to assess CLO3: Independently seek information to explain how management accounting tools and techniques contribute to the attainment of organizational objectives (Communication and Information Management Skills) and will be graded using the rubrics attached. Please review the rubrics and keep it in mind as you prepare your assignment. The submission due date is on 29th December 2020. Maximum 2 pages, Tahoma, font 12, with one half page spacing.
Provide ONE real life example which requires problem solving and decision making. You will need to describe the problem (could involve personal or a work-related decision), what choices or alternatives you have in making decision to solve the problem, how you made your decision, and what the outcome was, relating your decision process to the rational decision-making process.
Outline your decision process as it relates to the seven steps of the decision-making process (source: Exhibit 14-1 The Decision-Making Process – textbook) accordingly:
Step 1. Clarify the decision problem
Step 2. Specify the criterion
Step 3. Identify the alternatives
Step 4. Develop a decision model
Step 5. Collect the data
Step 6. Make a decision
Step 7. Evaluate decision effectiveness
In addition, you are encouraged to research decision-making methods using reliable and properly cited Internet resources. You may also use your personal experience with appropriate examples to support your references.
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