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1、11-1CHAPTER 11DECISION MAKING AND RELEVANT INFORMATION11-1 The five steps in the decision process outlined in Exhibit 11-1 of the text are:1. Obtain information2. Make predictions about future costs3. Choose an alternative4. Implement the decision5. Evaluate performance to provide feedback11-2 Relev
2、ant costs are those expected future costs that differ among alternative courses of action. Historical costs are irrelevant because they are past costs and, therefore, cannot differ among alternative future courses of action.11-3 No. Relevant costs are defined as those expected future costs that diff
3、er among alternative courses of action. Thus, future costs that do not differ among the alternatives are irrelevant to deciding which alternative to choose.11-4 Quantitative factors are outcomes that are measured in numerical terms. Some quantitative factors are financialthat is, they can be easily
4、expressed in financial terms. Direct materials is an example of a quantitative financial factor. Qualitative factors are factors that are not measured in numerical terms. An example is employee morale.11-5 Two potential problems that should be avoided in relevant cost analysis are:1. Do not assume a
5、ll variable costs are relevant and all fixed costs are irrelevant.2. Do not use unit-cost data directly because it can mislead decision makers because a. it may include irrelevant costs, andb. comparisons of unit costs computed at different output levels lead to erroneous conclusions11-6 No. Some va
6、riable costs may not differ among the alternatives under consideration and, hence, will be irrelevant. Some fixed costs may differ among the alternatives and, hence, will be relevant.11-7 No. Some of the total unit costs to manufacture a product may be fixed costs, and, hence, will not differ betwee
7、n the make and buy alternatives. These fixed costs are irrelevant to the make-or-buy decision. The key comparison is between purchase costs and the costs that will be saved if the company purchases the component parts from outside.11-8 Opportunity cost is the contribution to income that is forgone (
8、rejected) by not using a limited resource in its next-best alternative use.11-211-9 No. When deciding on the quantity of inventory to buy, managers must consider both the purchase cost per unit and the opportunity cost of funds invested in the inventory. For example, the purchase cost per unit may b
9、e low when the quantity of inventory purchased is large, but the benefit of the lower cost may be more than offset by the high opportunity cost of the funds invested in acquiring and holding inventory.11-10 No. Managers should aim to get the highest contribution margin per unit of the constraining (
10、that is, scarce, limiting, or critical) factor. The constraining factor is what restricts or limits the production or sale of a given product (for example, availability of machine-hours).11-11 No. For example, if the revenues that will be lost exceed the costs that will be saved, the branch or busin
11、ess segment should not be shut down. Shutting down will only increase the loss. Allocated costs are always irrelevant to the shutting down decision.11-12 Cost written off as depreciation is irrelevant when it pertains to a past cost. But the purchase cost of new equipment to be acquired in the futur
12、e that will then be written off as depreciation is often relevant.11-13 No. Managers tend to favor the alternative that makes their performance look best so they focus on the measures used in the performance-evaluation model. If the performance-evaluation model does not emphasize maximizing operatin
13、g income or minimizing costs, managers will most likely not choose the alternative that maximizes operating income or minimizes costs.11-14 The three steps in solving a linear programming problem are:1. Determine the objective.2. Specify the constraints.3. Compute the optimal solution.11-15 The text
14、 outlines two methods of determining the optimal solution to an LP problem:1. Trial-and-error solution approach2. Graphical solution approachMost LP applications in practice use standard software packages that rely on the simplex method to compute the optimal solution.11-311-16 (20 min.) Disposal of
15、 assets.1. This is an unfortunate situation, yet the $80,000 costs are irrelevant regarding the decision to remachine or scrap. The only relevant factors are the future revenues and future costs. By ignoring the accumulated costs and deciding on the basis of expected future costs, operating income w
16、ill be maximized (or losses minimized). The difference in favor of remachining is $3,000:(a) (b)Remachine ScrapFuture revenues $35,000 $2,000Deduct future costs 30,000 Operating income $ 5,000 $2,000Difference in favor of remachining $3,0002. This, too, is an unfortunate situation. But the $100,000 original cost is irrelevant to this decision. The difference in favor of rebuilding is $7,000:(a) (b)Replace Rebuild New truck $102,000 Deduct current
