Answered: Explain one (1) barrier in…

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

Related questions

Question

Explain one (1) barrier in decision-making and provide (1) suggestion for overcoming this barrier.

Expert Solution

Step 1

Decision Making

The method of making decisions by identifying a choice, collecting facts, and evaluating possible resolutions is known as decision-making. By arranging pertinent knowledge and identifying options, a step-by-step decision-making approach will help the organization make more careful, reflective decisions.
Decision Making is usually done in a 6 step process as discussed below:
1. Identifying the Problem or Opportunity that needs decision-making.
2. Gather relevant information to understand the problems and opportunities identified.
3. Look for alternatives available to resolve the issue or grasp the opportunity.
4. Evaluate the alternatives using decision-making tools.
5. Choose the best alternative available for the issue or opportunity at hand.
6. Evaluate the decision made.