Describe the steps involved in the rational decision-making process
What will be an ideal response?
Answer: The rational decision-making process is a series of rational steps used when making a decision. The first step is to recognize and define the decision situation. Next, the decision maker identifies alternative solutions to the defined problem. The decision maker will then evaluate alternatives. The decision maker then implements the chosen alternative. Following up and evaluating the results is the final step. If all decision situations were approached in this logical way, more decisions would prove successful. Yet decisions are often made with little consideration for logic and rationality.
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Indicate whether the statement is true or false
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Sivret Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:Total machine-hours80,000Total fixed manufacturing overhead cost$ 624,000Variable manufacturing overhead per machine-hour$ 3.10 Recently, Job M598 was completed with the following characteristics:Number of units in the job60Total machine-hours300Direct materials$ 645Direct labor cost$ 9,000The amount of overhead applied to Job M598 is closest to:
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