Podcast
Questions and Answers
What is the first step in the decision-making process?
What is the first step in the decision-making process?
Why is it necessary to allocate weights to decision criteria?
Why is it necessary to allocate weights to decision criteria?
Which of the following best describes the characteristics of a problem?
Which of the following best describes the characteristics of a problem?
What should be done in Step 4 of the decision-making process?
What should be done in Step 4 of the decision-making process?
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What is evaluated in Step 8 of the decision-making process?
What is evaluated in Step 8 of the decision-making process?
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During which step do managers appraise the strengths and weaknesses of each alternative?
During which step do managers appraise the strengths and weaknesses of each alternative?
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What is the primary outcome of selecting an alternative in the decision-making process?
What is the primary outcome of selecting an alternative in the decision-making process?
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What does implementing the chosen alternative require from the manager?
What does implementing the chosen alternative require from the manager?
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Study Notes
Decision Making Process
- Decision-making involves choosing from multiple options.
- A process comprises identifying, analyzing, selecting, implementing, and evaluating a solution.
Step 1: Identifying the Problem
- A problem arises from a difference between present and desired situations.
- Managerial awareness, pressure to solve, and necessary resources/authority trigger problem recognition.
Step 2: Identifying Decision Criteria
- Criteria are crucial factors for problem resolution.
- Examples include costs, risks, and desired outcomes (e.g., firm growth).
Step 3: Allocating Weights to Criteria
- Criteria have varying importance.
- Assigning weights prioritizes factors in decision-making.
Step 4: Developing Alternatives
- Generate possible solutions without evaluating them.
Step 5: Analyzing Alternatives
- Evaluate each option's strengths and weaknesses.
- Assessment depends on how well it addresses initial criteria.
Step 6: Selecting an Alternative
- Choose the option with the highest weighted total.
Step 7: Implementing the Alternative
- Put the chosen solution into action.
- Secure commitment from those who execute it.
Step 8: Evaluating Decision Effectiveness
- Assess the outcome to judge the solution.
- Identify areas for improvement if the problem isn't resolved.
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Description
Explore the key steps involved in the decision-making process, from identifying the problem to selecting the best alternative. This quiz covers essential criteria, weighing factors, and alternatives analysis. Perfect for students and professionals looking to enhance their decision-making skills.
