BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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define the problem
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evaluate the alternatives
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identify the alternatives
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make a choice
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Detailed explanation-1: -As you collect information, you will probably identify several possible paths of action, or alternatives. You can also use your imagination and additional information to construct new alternatives. In this step, you will list all possible and desirable alternatives.
Detailed explanation-2: -The third step in the decision-making process is to evaluate the options. Having gathered the data, you can start analyzing the options and determining the pros and cons for each possibility. During this phase, you consider your company’s needs and limitations as well as the possibilities associated with each option.
Detailed explanation-3: -Decision making can also be classified into three categories based on the level at which they occur. Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done. Finally, operational decisions are decisions that employees make each day to run the organization.
Detailed explanation-4: -The process of analyzing and evaluating alternatives applies evaluation criteria to alternatives or options in a way that facilitates decision making. This may be a one-step or multi-step process, depending on the complexity of the alternatives and the decision.