Answered: Discuss evidence-based decision making…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Discuss evidence-based decision making in terms of the concept and application.

Expert Solution

Step 1: Define decision making approach

Decision-making is the most common way of selecting between elective strategies. It includes collecting and investigating data, assessing alternatives, and selecting the most suitable option. Decision-making can be impacted by various elements, including individual qualities and beliefs, accessible assets, and the normal results of various decisions. Decision-making includes measuring the advantages and disadvantages of every alternative and taking into account the expected threats and benefits. It is a fundamental skill for people and businesses to make more informed decisions and accomplish their objectives.