Accounting for Decision Making

Start Date: 12/15/2019

Course Type: Common Course

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Course Syllabus

Every organized society needs information about its activities and accomplishments. Accounting was created to fulfill this need. In this module we will explore how accounting was designed to meet the needs of decision makers and what this means to you as a user of accounting information. We will discuss the concept behind accrual accounting including introducing the two primary accrual accounting financial statements - the balance sheet and income statement. This module will discuss the purpose and goal of those financial statements, but we will save your experience in creating those statements until module two. In lesson two of this module, we will explore some basic bookkeeping tools that will get you ready to create a set of financial statements. The material in this module is likely to take less than a week, but we will make up for it in module two.

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Course Introduction

Through this course, you will start by addressing the two “big questions” of accounting: “What do I

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Decision-making Evaluation and analysis of past decisions is complementary to decision-making. See also Mental accounting and Postmortem documentation.
Decision-making Decision-making techniques can be separated into two broad categories: group decision-making techniques and individual decision-making techniques. Individual decision-making techniques can also often be applied by a group.
Decision-making Other studies suggest that these national or cross-cultural differences in decision-making exist across entire societies. For example, Maris Martinsons has found that American, Japanese and Chinese business leaders each exhibit a distinctive national style of decision-making.
Decision-making In the 1980s, psychologist Leon Mann and colleagues developed a decision-making process called GOFER, which they taught to adolescents, as summarized in the book "Teaching Decision Making To Adolescents". The process was based on extensive earlier research conducted with psychologist Irving Janis. GOFER is an acronym for five decision-making steps:
Decision-making Biases usually affect decision-making processes. Here is a list of commonly debated biases in judgment and decision-making:
Decision-making Logical decision-making is an important part of all science-based professions, where specialists apply their knowledge in a given area to make informed decisions. For example, medical decision-making often involves a diagnosis and the selection of appropriate treatment. But naturalistic decision-making research shows that in situations with higher time pressure, higher stakes, or increased ambiguities, experts may use intuitive decision-making rather than structured approaches. They may follow a recognition primed decision that fits their experience and arrive at a course of action without weighing alternatives.
Decision-making During their adolescent years, teens are known for their high-risk behaviors and rash decisions. Recent research has shown that there are differences in cognitive processes between adolescents and adults during decision-making. Researchers have concluded that differences in decision-making are not due to a lack of logic or reasoning, but more due to the immaturity of psychosocial capacities that influence decision-making. Examples of their undeveloped capacities which influence decision-making would be impulse control, emotion regulation, delayed gratification and resistance to peer pressure. In the past, researchers have thought that adolescent behavior was simply due to incompetency regarding decision-making. Currently, researchers have concluded that adults and adolescents are both competent decision-makers, not just adults. However, adolescents' competent decision-making skills decrease when psychosocial capacities become present.
Decision-making In psychology, decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice; it may or may not prompt action. Decision-making is the process of identifying and choosing alternatives based on the values and preferences of the decision-maker.
Decision-making paradox The decision-making paradox relates to decision-making and it was first identified by Triantaphyllou and Mann in 1989. It was further elaborated in the book by Triantaphyllou on multi-criteria decision-making. Since then it has been recognized in the related literature as a fundamental paradox in multi-criteria decision analysis (MCDA) / multi-criteria decision making (MCDM), and decision analysis, in general. This paradox is related to the quest for determining reliable decision-making methods.
Emotions in decision-making Pfister and Böhm (2008) have developed a classification of how emotions function in decision-making that conceptualizes an integral role for emotions, rather than simply influencing decision-making.
Medical Decision Making (journal) Medical Decision Making is a peer-reviewed academic journal that publishes papers in the fields of decision-making and medical informatics. Its editor-in-chief is Alan J. Schwartz (University of Illinois at Chicago). It was established in 1981 and is currently published by SAGE Publications on behalf of the Society for Medical Decision Making. A sister open access journal focusing on applications of medical decision making, "Medical Decision Making Policy & Practice", began publishing in 2016.
Decision-making It is important to differentiate between problem analysis and decision-making. Traditionally, it is argued that problem analysis must be done first, so that the information gathered in that process may be used towards decision-making.
Group decision-making Decision-making software is essential for autonomous robots and for different forms of active decision support for industrial operators, designers and managers.
Collaborative decision-making software The benefits of the collaborative software starts with Business Intelligence which is also the collaborative decision making (CDM) software. It is typically used to report, analyze, and to provide better and faster fact-based decision making. Web 2.0 is the main platform for the implementation of the collaborative decision making software. Virtual world is also emerging as a platform for collaborative decision making software by conferences and events.
Consensus decision-making The ISO process for adopting new standards is called consensus-based decision-making, In the ISO system consensus is defined as Where decision-making is subject to ballot by member bodies, a requirement for super-majority support generally applies.
Throughput accounting Constraints accounting, which is a development in the Throughput Accounting field, emphasizes the role of the constraint, (referred to as the Archemedian constraint) in decision making.
Participative decision-making In medicine, patient participation in decision-making is commonly known as 'shared decision-making' (SDM).
Consensus decision-making As a decision-making process, consensus decision-making aims to be:
Decision-making The psychologist Daniel Kahneman, adopting terms originally proposed by the psychologists Keith Stanovich and Richard West, has theorized that a person's decision-making is the result of an interplay between two kinds of cognitive processes: an automatic intuitive system (called "System 1") and an effortful rational system (called "System 2"). System 1 is a bottom-up, fast, and implicit system of decision-making, while system 2 is a top-down, slow, and explicit system of decision-making. System 1 includes simple heuristics in judgment and decision-making such as the affect heuristic, the availability heuristic, the familiarity heuristic, and the representativeness heuristic.
Decision-making In 2008, Kristina Guo published the DECIDE model of decision-making, which has six parts: