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    Improving Four Steps of Decision-Making

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    Provided below are the four steps that I somewhat understand:

    1. Review the standards set in the planning process.
    2. Measure performance at the strategic, tactical, and operational levels.
    3. Compare performance outcomes with the standards that were set.
    4. Make a decision:
    - Successful performance should be rewarded.
    - Unsuccessful performance should be corrected

    However, the questions is, if your not savvy or keen on the financial stuff, how can one improve, or at a minimum kept abreast of all the important items?

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    Solution Preview

    1. Review the standards set in the planning process.

    In any organization, the planning process should be guided by professional standards that align with the profession, and in business this must be in accordance with sound fiscal policies and ethical practices. When reviewing the business standards in the planning process, the organization that is planning change must ensure that assessments and evaluations are conducted throughout the entire change process for assurance that the policy will be in accordance with industry standards. In addition, the organization must have a clear and concise mission statement that ...

    Solution Summary

    Outlines 4 steps to making a decision with minimal financial know-how and explains the worth of each one. 363 words.