Exhibit 11-3 summarizes the key features of relevant information. The concept of relevance applies to all decision situations. We present some of these decision situations in this chapter. Later chapters describe other decision situations that require managers to apply the relevance concept, such as joint costs (Chapter 16); quality and timeliness (Chapter 19); inventory management and supplies evaluation (Chapter 20); capital investment (Chapter 21); and transfer pricing (Chapter 22); We start our discussion on relevance by considering managerial decisions that affect output levels, such as whether to in traduce a new product or to try sell more units of an existing product.