Decision-Making Under Uncertainty

Peter Schuster (), Mareike Heinemann () and Peter Cleary ()
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Peter Schuster: Schmalkalden University of Applied Sciences
Mareike Heinemann: VALNES Corporate Finance GmbH
Peter Cleary: University College Cork

Chapter 4 in Management Accounting, 2021, pp 105-124 from Springer

Abstract: Abstract Literature on decision-making in management accounting typically assumes certainty (certain expectations); this was also assumed in the previous chapters. There are several reasons for this, particularly the following two: 1. On the one hand, the management accounting system mainly serves as an instrument of information for the support of short-term decisions whose consequences are considered only for a specific period of time (e.g. a month, quarter or year). Here, it can generally be assumed that within such a time frame, forecast uncertainties are negligible, and therefore certain expectations are realistic. 2. On the other hand, management accounting data can explain the fundamental principles that remain valid under uncertainty.

Date: 2021
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DOI: 10.1007/978-3-030-62022-6_4

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