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The flashcards related to decision theory and operational decision
analysis will cover these topics:
- Logical Steps to Reach a Decision
- Make-or-buy, sell-or-process further, special order situations,
changes in production lines, incremental costing implications,
cost-volume-profit analysis.
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- Relevant Data Concepts in the Decision Process
- Imputed costs, opportunity costs, sunk costs, postponable costs,
avoidable costs, no excess capacity vs. no alternative use considerations,
discretionary costs.
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- Cost/Profit/Volume Analysis for Decision Making
- Utilization of incremental costing, principle behing incremental
costing, nonquantitative factors, elements of break-even analysis,
breakeven point, relevant range, margin of safety, unit contribution
margin, contribution margin ratio, calculation of breakeven point
in units and dollars, operating leverage, gross margin vs. contribution
margin, sensitivity analysis, reliability limitations of breakeven
analysis, costing systems best for breakeven analysis, sales volume
to achieve desired level of profit, decrease in breakeven point,
after-tax vs. pretax considerations, allocation of corporate fixed
charges.
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- Marginal Analysis
- Make-or-buy decisions, disinvestment decision process, optimal
production/ purchase strategy, short-term profit maximization,
eliminating low margin sales from contribution margin, sell-or-process
further decisions, special orders in excess capacity vs. alternative
use situations.
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- Cost-Based Pricing
- Cost Accounting Standards Board.
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- Financial Statement Modeling
- Financial forecasts, financial models, exponential smoothing.
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- Inventory Models and Systems
- Three types of inventory models, objective of inventory management,
three categories of inventory costs, purpose of the economic order
quantity model, number of inventory orders calculation, safety
stock, stockout costs, carrying costs, ABC inventory control system,
materials requirement planning, just-in-time systems, cost of
placing an order, effect of change from FIFO to LIFO on EOQ, effect
of safety stock on average inventory, economic production lot
size model, cost of maintaining safety stock, effect of ordering
and carrying costs on EOQ, calculation of optimal safety stock
level, calculation of optimal reorder point.
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