Accounting for Decision Making

This assignment focuses on the topic of accounting for decision making. It explores the benefits of understanding this concept and how it can help in making strategic decisions for organizations. The assignment covers topics such as buy or rent options, net present value, promotional budget, and cost volume profit. It also discusses the challenges faced during the research process and the importance of self-assessment for identifying areas of improvement.

Accounting for decision making

I am completing an assignment on topics “Accounting for decision making” where i am
selecting Sales and Marketing department for completing my project task. After completing my
work, I need to evaluate my work with the help of self assessment where i find out the area
which required improvement or helps me in the future to consider these points to improve my
work. While completing this research, it is quite interesting because i learn about several
different topics which enhance my knowledge or make me able to understand its benefits. Report
was all about the buy or rent options, net present value of external membership, promotional
budget and cost volume profit. In the first part of my report, i have to find out that but option is
better or rent option, but it was observed that renting portion was not good because company
unable to customise and it is costly as well. So, buy option is better for company as well as cost
effective. This evaluation helps me to understand or make decisions in the organizations
regarding which strategy we need to select which provide us more profit and more favourable for
business operations.
On the other side, evaluate any project and suggest any one which is more beneficial for
the company is more challenging which i found at the time of completing this assessment. But,
with the help of NPV which is capital budgeting method make it easy because higher the NPV of
any project is selected because it future it generate value for the business. In addition,
promotional budget and CVP analysis provide several benefits but initially it required enough
investment but after sometime it will provide great return. Promotions used to maximise sales
and CVP analysis used to minimise the cost of products. After completing this report, it will
change my way of thinking like, before doing this task I believe that spend on promotional
activities are more expensive and does not worth it accordingly. It is true that, promotion is
expensive activity but in future it provides several benefits and spending on marketing and
promotions will go to reduces. It is very essential for organizations to maximise overall business
productivity and profitability. On the other side, CVP analysis also important because it make me
realise that how cost play such as important role and to maintain cost for the entire period also
very difficult. Because organizations may face several uncertain situations which maximise the
production cost and after that minimise the profit margin. While completing this assignment, i
face lot of challenges because these topics are totally new for me, so i have to done more than
enough research to know about it which takes lot of time as well as efforts. These concepts
always stay in my mind because i was doing enough hard work to completing this task. It is not
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only beneficial for my academic life but also going to help in my future or professional career.
With the help of self assessment, i am able to identify weak areas which i have to improve or
converted into my strengths.
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REFERENCES
Books & Journals
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