Steps Involved in Managerial Decision-Making
The following points highlight the seven main steps involved in managerial decision-making. The steps are: 1. Establishing Objectives 2. Defining the Problem 3. Identification of Variables and their Relation to the Problem 4. Identification of Alternatives 5. Collection of Data 6. Evaluation and Screening of Alternatives 7. Implement and Monitor the Decision. Step # 1. Establishing Objectives: Decision-making refers to [...]