I have posted it before but I got no answer until now please I need an article p
ID: 461167 • Letter: I
Question
I have posted it before but I got no answer until now please I need an article please help
I need an article which include a decision making process for such a company and that decision must include the fundamentals of the decision making process which are as the following:
1- setting the right frame work
2- considering alternatives
3-gathering meaningful data
4-clarifying values and tradeoffs
5-using logical reasoning
6- committing to action
the article must be supported with reference and all the information about the article such like the citation and the URL or the link other wise it will not be accepted by the professor
please help thanks
Explanation / Answer
Decision Making Process
It is the process of defining the problem, identifying the alternatives, determining the criteria, evaluating the alternatives and choosing an alternative. The first step in the process is setting the right framework according to which any decision will be made. It includes the systematic approach which needs to be followed to make any decision according to the company and its policies. It sets the template of the process and gives it a direction so as to make the whole process an effective one. It includes collection of pertinent information. Information must be sought from within through a process of self-assessment; other information must be sought from outside market, people, and a variety of other sources. Second Step is identifying alternatives. Through the process of collecting information one will probably identify several possible paths of action, or alternatives. The company may also use imagination and information to construct new alternatives. In this step of the decision-making process, the company will list all possible and desirable alternatives. The next step is to determine the criteria considering which a decision should be made. A criterion sets the constraint that will be considered or evaluated to make a decision. It sometimes defines the boundary values also. A lot of information relevant to the decision problem will be gathered because it defines the constraints or criteria considering which best possible decision will be made. Once all the criteria related to the problem has been identified then those criteria will be given weight according to its impact on the problem. This will help us to ensure that any major impact on decision has been considered and calculated in an effective manner .The next step of the decision – making process is to evaluate each alternative with respect to each criterion. After evaluation of different alternatives, a list of alternatives according to its effectiveness has emerged which then considered on the basis of its value and trade-off. It might be possible that company may select second best decision because it suits its internal structure and market performance thus there will be trade-off in the selection of final alternative which suits the company in best possible way. Once the alternative will be selected then corresponding action will be taken to implement the solution in best possible way. Hence, it is very important to implement the action in an effective way along with selection of best possible solution. Review of selected decision is another important factor in effective decision making process. Thus, a company can follow the above process to make the best possible decisions.
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