One Group That Relies on Both the Adequate Collection and Transformation

question 62

Multiple Choice

One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is

• A)management.
• B)interested outsiders.
• C)competitors.
• D)the government.

Understand the flexible budget and its adjustments.

Learn to identify and calculate activity variances.

Understand and apply the concepts of spending and revenue variances.

Learn to analyze and interpret the implications of budget variances for managerial decision-making.

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Definitions:

Decisive

Characterized by or displaying no or little hesitation; firm or determined in making choices or decisions.

Priming

A psychological effect in which exposure to a stimulus influences a response to a subsequent stimulus, without conscious guidance or intention.

Insight

The capacity to gain an accurate and deep intuitive understanding of a person or thing, often leading to a sudden realization.

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.