A business aims to generate value for its owners, customers and other stakeholders. It must decide how to combine valuable resources – typically buildings and equipment, materials, people and knowledge – in such a way that the value of the output exceeds the costs of the input. As resources flow into or out of a business, information flows too. Much of this information leaves a footprint in the form of financial data as the activities along with a business’ value chain result in financial outcomes….
Decision making techniques
Estimated reading time: 7 minutes