1. Explain how managers make short-run decisions during the management cycle, and identify the steps in the management decision cycle.
2. Define and explain incremental analysis and its related concepts.
3. Prepare evaluations of alternatives for make-or-buy decisions, special order decisions, product mix decisions, and sell or process-further decisions.
4. Identify the types of projected costs and revenues used to evaluate alternatives for capital investment.
5. Apply the concept of the time value of money.
6. Analyze capital investment proposals using the net present value method.
7. Analyze capital investment proposals using the accounting rate-of-return method and the payback period method.