Question: Which of the following is the first step in decision making?
A Identify workable alternatives
B Identifying the problem
C Consider appropriate nonfinancial factors
D Evaluate the cost and revenue data
Answer: Identifying the problem
| Steps involve in Decision-Making | Description | |
| 1. | Identify the problem | Clearly define the issue or challenge that requires a decision. |
| 2. | Set objectives | Establish specific goals and outcomes which we want to achieve. |
| 3. | Gather information | Collect relevant data, facts and information to inform our decision. |
| 4. | Generate options | Brainstorm and create a list of possible courses of action. |
| 5. | Evaluate options | Assess each option against predetermined criteria or factors. |
| 6. | Make a decision | Choose the option that best aligns with your objectives and evaluation. |
| 7. | Implement the decision | Put the chosen plan into action and allocate necessary resources. |
| 8. | Monitor and review | Continuously assess the decision’s progress and results. |
| 9. | Adjust as necessary | If needed, make modifications to the decision or its implementation. |
| 10. | Communicate the decision | Inform relevant parties and stakeholders about the decision. |
| 11. | Reflect and learn | Analyze the outcomes and gather insights for future decision-making. |