1. which of the following steps is considered the first step in the managerial decision-making process? gather information and perform a differential analysis. review, analyze, and assess the results of the decision. identify alternative courses of action. identify the objective of the decision. 2. an analysis that evaluates differential revenues and costs in order to determine the differential impact on income of two alternative courses of action is called analysis. horizontal vertical ratio incremental 3. costs are costs that have been incurred in the past, cannot be recouped, and are not relevant to future decisions. sunk historical product none of these choices are correct. 4. the revenue that is forgone from an alternative use of an asset, such as cash, is called . sacrificial revenue. an opportunity cost. an economic loss. none of these choices are correct.