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Learning Objective $7-1$ Describe the five steps in the decision$-$making process.

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We discuss the five$-$step decision$-$making process. These steps are: identify the decision problem, determine the decision alternatives, evaluate the costs and benefits of the alternatives, make the final decision, and review the results of the decision. We also discuss how managerial accounting information plays an important role in the third step, where we evaluate the costs and benefits of the alternatives.

Making Decision and Reviewing Results