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In your exam tips what do you mean by decision theory? And preparation of flexed budget is it the same as the operation statement we prepare with all the variances in it?
It should say decision making under uncertainty – expected values, maximin etc..
The flexed budget is when we re-write the budget for the actual level of activity (actual sales and actual production).
We compare the actual results with the flexed budget figures to arrive at the variances.
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