Chapter 7, Problem 1Q

Briefly describe the five steps of the management decision-making process.

To determine

A decision can be characterized as a strategy which is intentionally browsed through a lot of choices to accomplish authoritative or administrative destinations or objectives. Decision making process is consistent and an essential part of dealing with any association or business exercises.

To discuss:

Brief definition of the five steps of decision-making process.

Answer to Problem 1Q

There are five steps of decision-making

1. Identifying the decision problem
2. Determining the decision alternative
3. Evaluating the costs and benefits of the alternative
4. Making the decision
5. Reviewing the results of the decision.

Explanation of Solution

There are five steps of decision making

1. Identifying the decision problem
A standout amongst the best decision making procedures is to watch out for your objective. This basically implies distinguishing the motivation behind your decision by asking yourself what precisely is the issue that should be tackled? Also, for what reason should this issue be fathomed?
2. Determining the decision alternative
While gathering data, it is ideal to make a rundown of each conceivable option, even those ones that may at first seem senseless or appear improbable. the conclusions of individuals that you trust, or address specialists and experts should constantly be looked as it will assist you in coming up with an assortment of arrangements when gauging every one for your choices as an official choice.
3. Evaluating the costs and benefit of the alternative
This is a fundamental advance since it enables you to survey the advantages and disadvantages of the distinctive alternatives that you recorded in the past advance. It is additionally significant because you would want everyone to feel good about your choices and the conceivable results of whichever one you pick.
4. Making the decision
Since you have recognized your objective, accumulated all the vital data, and gauged the results, the time has come to settle down on a decision and execute your official choice. Understanding that this progression can cause a few people a ton of tension is significant on the grounds that this is the place you need to heed your gut feelings.
5. Reviewing the result of the decision.

When you have settled on your ultimate choice and placed it without hesitation, it is important to assess the decision and the means you have taken to guarantee that it works. This last advance is as significant as stage one, if not increasingly significant, because it will assist you with further building up your decision-making abilities for future issues. This progression is a key since it might be expected from you to search out new data and roll out certain improvements en route.