Part I -- Revisit the managerial decision-making framework: Step 1: Step 2: Step 3: Step 4: Step 5: Identify the Determine the Evaluate the Make Review the decision costs and decision the results of the alternatives benefits of the problem decision decision alternatives 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