Part I -- Revisit the managerial decision-making framework: Step 1: Identify the decision problem Step 2: Determine the decision alternatives Step 3: Evaluate the costs and benefits of the alternatives Step 4: Make the decision Step 5: Review the results of the decision Improve future decisions Which step do you think is the most challenging for managers? What could management do about it? Part II -- How can managers differentiate between a relevant cost and a irrelevant cost? Give an example of each and how managers can optimize or steer clear of the cost.