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Mangerial Decisions Essay

659 words - 3 pages

Managerial decisions are based on financial and nonfinancial information. Incremental analysis is used to understand the financial information needed for decision making. It identifies the relevant revenues and costs and the expected impact on future income. Although both incremental and comprehensive analyses can be utilized making decisions in the workplace environment, the incremental analysis is considered more economical, while remaining just as effective as comprehensive analysis. In this paper we will evaluate the economic value and impact of utilizing incremental analysis versus a comprehensive analysis.
The incremental analyses assist in making important decisions, contributing ...view middle of the document...

Although, it is more widely used in business, incremental analysis can be used to assist in personal buying decisions also. Many people still recovering from the economic downturn are hunting for the best deal. However, driving two miles to save a few pennies may not be the best choice considering the price of gas. Instances such as that indicate that both financial and non-financial factors must be weighed.
An incremental analysis is not only economical but also very effective in providing the guidance for a business to make important decisions. One reason for this is the analysis provides hard evidence in the comparison between business choices for the management and leadership team. The analysis eliminates biases through the use of facts and data to compare possible solutions. One example of this is in deciding to acquire new machinery or continuing to repair and utilize the current equipment. The analysis would provide a breakdown of the changes to both costs and potential revenues in either situation (Kimmel, Weygandt, & Kieso, 2011).. This information would then be used by management to determine the best course of action for the business.
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