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Four Steps in Making a Decision

Identify and apply the four steps in deriving a decision.

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Identify and apply the four steps in deriving a decision.

1. Identify and Understand the Problem

This is the initial phase which is defining the problem or to describe why there is a need for a decision to be made. Likewise, managers need to monitor market dynamics to protect the business and constant communication with customers, partners, and vendors to find out what they are thinking and to ask for their comments and suggestions. The company needs to establish new dialogues and have a good beneficial relationship with their customers. This is one way of finding out if there are any problems that need to be attended to.

2. Analyze Alternatives and Risks

What are some of the solutions to the problem? There is a need to be open to new solutions and not limit oneself to obvious alternatives that have not worked in the past. Analyze the alternatives and the risks that go with each of them. Management team need to meet and consider the new risks by breaking down into ...

Solution Summary

The solution identifies and shows how the four steps in deriving a decision are applied. This solution is 600 words with three references.