Why should you use historical data when making managerial decisions? - ProProfs Discuss
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Why should you use historical data when making managerial decisions?



This question is part of Management Accounting - Unit 1
Asked by Vinoth, Last updated: May 10, 2020

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2 Answers

E.Ruth

E.Ruth

Answered Feb 19, 2018

Historical data are organized data that describes the figures and facts about the day to day processes of a business. For example, in a retail establishment, the number of sales each day will be recorded in order to gather data about the performance of the business. These data will then be transformed to become relevant information after being processed and formatted to fit its intended purpose.

Analyzing the historical data of businesses is crucial in formulating company decisions because it supplies the manager or business owner with essential data that it needs to make accurate and informative decisions that the company requires in order to make the business successful.

 

John Smith

John Smith

Answered Feb 28, 2017

A. to assist in making productions that inputs to a decision model
 

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