The relevant costs and benefits of decision making in a company

Contact Author When you have a choice between two or more alternatives and you have to select one, you are making a decision. If there is no choice, you will have to simply follow or obey.

The relevant costs and benefits of decision making in a company

The relevant costs and benefits of decision making in a company

By mapping items directly into business driver quadrants, the graphed results focus team discussions on the most relevant issues and options. They consist of two axis, representing a set of conflicting interests or aspects, forming a table with four cells.

The labels of the axis and the cells depends on the purpose of the quadrant analysis. The following are a couple of examples of tried and tested Quadrant designs: These are the tasks that should be prioritized the highest, and get done right away.

Tasks that are deemed to be important, but not urgent, are strategic tasks you should schedule enough time to plan for and execute later.

Tasks that are urgent, but not important should be re-assessed, and if still deemed urgent, they can be delegated to others. Tasks that are neither urgent nor important are not very productive or useful tasks, and should either be deleted or be addressed at a later time.

These need significant focus and resources, so it is recommended to only focus on one or a couple major projects at the time. When designing a custom Quadrant it is important to remember that Quadrants are formed by two axis representing a set of potentially conflicting interests or aspects.

You might want to brainstorm ahead of time with your team to identify what interests are applicable for the given problem you want to address. For example, you can use a Brainstorm activity to have your group brainstorm tasks to address over the next week, then link this to a Urgency vs Importance Quadrant activity where they can collectively identify which of the tasks to prioritize highest.

Since you can design the focus of both the Brainstorm and the Quadrant activity, you can use MeetingSift to guide your meeting participants through innovation and strategic decision making processes on any topic.Cracking Health Costs reveals the best ways for companies and small businesses to fight back, right now, against rising health care costs.

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The management of a company that I shall call Stygian Chemical Industries, Ltd., must decide whether to build a small plant or a large one to manufacture a new product with an expected market life. The classification of costs between relevant costs and irrelevant costs is important in the context of managerial decision-making.

In any managerial decision involving two or more alternatives, the prime focus of analysis is to find out which alternative is more profitable.

Decision-making - Wikipedia