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Chapter 25: 25-2RQ (page 1406)

What makes information relevant to decision making?

Short Answer

Expert verified

Information is considered relevant if the same is related to theexpected future data.

Step by step solution

01

Meaning of Decision-Making

Decision-making refers to the process of making a final choice among various available alternatives. In an organization, decisions are taken at different levels and are implemented accordingly by the associated workforce.

02

Relevancy of an information

In the process ofdecision-making,a piece of information is said to be relevant if it is expected to be related to the future data that diverges among thevarious alternatives.

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Grimm Company makes decorative wedding cakes. The company is considering buying the cakes rather than baking them, which will allow it to concentrate on decorating. The company averages 100 wedding cakes per year and incurs the following costs from baking wedding cakes:

Direct materials \(500

Direct labor 1,000

Variable manufacturing overhead 200

Fixed manufacturing overhead 1,200

Total manufacturing cost \)2,900

Number of cakes 梅 100

Cost per cake \(29

Fixed costs are primarily the depreciation on kitchen equipment such as ovens and mixers. Grimm expects to retain the equipment. Grimm can buy the cakes for \)25.

  1. Should Grimm make the cakes or buy them? Why?
  2. If Grimm decides to buy the cakes, what are some qualitative factors that Grimm should also consider?
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