Discuss the steps in the managerial decision-making process.
Decision making, an integral part of a manager's work, is the process of developing a set of possible alternative solutions to a problem and choosing one alternative from among the set.
Managerial decision making involves four steps:
- Managers must accurately identify problems,
- generate several possible solutions,
- choose the solution that will be most effective under the circumstances, and
- implement and evaluate the chosen course of action.
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