ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Step 2
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Step 7
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Step 1
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Step 5
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Detailed explanation-1: -Step 1: Define the Problem What is the problem? How did you discover the problem? When did the problem start and how long has this problem been going on? Is there enough data available to contain the problem and prevent it from getting passed to the next process step?
Detailed explanation-2: -One of the most important steps in the problem-solving and decision-making process is to identify and define the business problem first. This involves diagnosing the current situation so that you can focus on the real problem and not on its symptoms.
Detailed explanation-3: -A business problem can be defined as any hurdle, situation, or variation that leads to a difference between the desired objectives and accomplished results. Some problems present themselves (machine failure), while others require in-depth analysis of the organization (declining or slow growth).
Detailed explanation-4: -Identify the problem. Consider your options. Choose the best solution.