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help you determine the oppotunit cost of your decision.
Decision Support system
good decision making is what we need because a company is not made by a single person . Its the idea of different people who help in improving a solution and making a good decision for a successful business strategy
Research makes decision making easier and more successful because people can make informed decisions with proper projections. Research can help people predict some outcomes more efficiently.
it help management in decision making it also help management to ascertain the cost of a product
The model of buying decision behavior consists of the items people are attracted to. When making a decision to purchase. The model can help businesses display items in a way that is attractive to the customer.
decision making is the method which can help you make decision when are starting a business or try to do so.
what are the economic tool which help manager in decision making
There is no patron saint of decision making; every saint can help you do that.
help you determine the oppotunit cost of your decision.
help you determine the oppotunit cost of your decision.
help you determine the oppotunit cost of your decision.
sage
academic report help in executive decision making,justify the statement in around 80 word ?
It is important to remember your values when making a decision as otherwise, the decision you make will not help you as it will not be based around your life.
A rational decision making model provides a structured and sequenced approach to decision making. Using such an approach can help to ensure discipline and consistency is built into your decision making process.As the word rational suggests, this approach brings logic and order to decision making. Our rational decision making model consists of a series of steps, beginning with problem/opportunity identification, and ending with actions to be taken on decisions made. A General Rational Decision Making Model Rational decision making processes consist of a sequence of steps designed to rationally develop a desired solution.Typically these steps involve:Identifying a problem or opportunityThe first step is to recognise a problem or to see opportunities that may be worthwhile. A rational decision making model is best employed where relatively complex decisions have to be made. The first decision making lesson should be to ask youself if you really have a problem to solve or a decision to make. Gathering informationWhat is relevant and what is not relevant to the decision? What do you need to know before you can make a decision, or that will help you make the right one?Analyzing the situationWhat alternative courses of action may be available to you? What different interpretations of the data may be possible? Developing optionsGenerate several possible options. Be creative and positive.Evaluating alternativesWhat criteria should you use to evaluate? Evaluate for feasibility, acceptability and desirability. Which alternative will best achieve your objectives?Selecting a preferred alternativeExplore the provisional preferred alternative for future possible adverse consequences. What problems might it create? What are the risks of making this decision?Acting on the decisionPut a plan in place to implement the decision. Have you allocated resources to implement? Is the decision accepted and supported by colleagues? Are they commited to to making the decision work?. Strengths and Weaknesses of the Rational Decision Making Model The main strength of a rational decision making model is that it provides structure and discipline to the decision making process. It helps ensure we consider the full range of factors relating to a decision, in a logical and comprehensive manner.However, we should always remember that whilst the model indicates what needs to be done, it's often how things are done that characterizes effective decision making.Research illustrates that bad decisions were usually bad because two things were missing: adequate participation of stakeholders in the decision making process; sufficient time spent generating a range of possible solutions.
Decision support systems suited for executive decision-making as they are designed to analyze all aspects of data provided. This will help in making key managerial decisions.