Which of the following is the first step in decision making?

By: Prof. Dr. Fazal Rehman | Last updated: February 3, 2024

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.
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