From the course: Applying Managerial Accounting
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Information needs
- I don't know about you, but I can't think of a single numbers-based business scenario that doesn't need some kind of input data or information. High quality data will either make or break confidence in even the most sophisticated managerial accounting model. Sourcing the right data can be incredibly time consuming, but let me tell you something, it's worth it. And with some diligent planning, much of the pain can be taken out of this exercise. So, how 'about we explain this further using a real world example. Take an organization that's considering outsourcing its payroll function. If you're a management accountant, your job, well at least in theory, is pretty simple. You need to compare the current cost of your company's in-house payroll with the cost of an outsourced arrangement. Let's assume by now you understand the broader outcomes that your organization is seeking to achieve and you even have a handle on how some of…
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