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Relevant Information for
Special Decisions
Chapter 13
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
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Learning Objectives
1. Identify the characteristics of relevant information.
2. Distinguish between unit-level, batch-level, product-level, and facility-level costs and understand how these costs affect decision making.
3. Make appropriate special order decisions. 4. Make appropriate outsourcing decisions.
5. Make appropriate segment elimination decisions.
6. Make appropriate asset replacement decisions.
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Relevant Information
Two primary characteristics distinguish relevant from useless information:
1. Relevant information differs among the alternatives under consideration.
2. Relevant information is future oriented.
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Sunk Cost
A sunk cost has been incurred in a past transaction and cannot be changed, it is not relevant for making current decisions.
Wish I hadn’t bought that car! It cost me $25,000, and now its worth only $19,000. I really don’t want to take a loss on it but I need the cash more than I need the car!
Why are you complaining? You have two offers at or near the market value, so the $25,000 is not relevant – it’s a sunk cost.
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Opportunity Cost
An opportunity cost is the sacrifice that is incurred in order to obtain an alternative opportunity.
Even though the car cost me $25,000, I can sell it to my relative for $18,000 or for $19,000 to my neighbor. So what is my opportunity cost of keeping the car rather
than getting the cash?
Your opportunity cost of ownership is $19,000 or the highest value of the available alternatives.
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