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Accounting Decision Support Tools pdf

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Added on  2021-06-17

Accounting Decision Support Tools pdf

   Added on 2021-06-17

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Accounting DecisionSupport ToolsAssignment - 3Student Name[Pick the date]
Accounting Decision Support Tools pdf_1
Question1 (a)The decision making process is a multi-step process. Firstly, the underlying decision makerhas to outline the expectations from the decision and also identify the possible otucomes forthe decision that needs to be undertaken. Secondly, the various alternatives have to beoutlined using brainstroming if required. Thirdly, in the context of each alternative that ispossible, an analysis needs to be done so as to highlight not only the risk but also the possibleoutcomes. Fourthly, this information regarding risk and outcomes needs to be converted intomonetary terms. Lastly, by taking into consideration the monetary consideration with eachalternatvie and in line with the decision making model consdiered apporpriate, the decisionmaker has to be make the requisite decision.(b)The strategies that a decision maker can take while making a decision are termed asalternatives. There are potential future events which the decision maker cannot control andthese are referred to as states of nature. The objective of the decision maker is to consider thevarious states of nature and their respective likelihood and thereby choose the suitablealternative. (c) Determination of purchase quantity of sea food for various cases(1) The respective conditional profit matrix (2) Optimistic case 1
Accounting Decision Support Tools pdf_2
Fish vendor should buy sea food quantity = 30 kilogram (3) Pessimistic caseFish vendor should buy sea food quantity =10 kilogram (4) Laplace rule caseFish vendor should buy sea food quantity = 25 kilogram(5) Criterion of regret 2
Accounting Decision Support Tools pdf_3
Fish vendor should buy sea food quantity = 25 kilogram (6) The maximum expected monetary valueFish vendor should buy sea food quantity = 25 kg (7) Sea food quantity that the fish vendor should buy = xQuestion 2 The various values are computed below:3
Accounting Decision Support Tools pdf_4

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