A. Weigh the alternatives
B. Accept the responsibility of decision making
C. Choose the best alternative
D. List the alternatives
E. Understand the problem
Choose the correct answer from the options given below:
Decision Making Sequence Explained
The effective decision-making process involves a logical sequence of steps. This involves understanding the issue, exploring options, evaluating them, making a choice, and taking ownership.
Ordered Steps for Decision Making
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E. Understand the problem
This is the crucial first step. Clearly defining the problem is essential before any solutions can be considered.
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D. List the alternatives
Once the problem is understood, the next step is to brainstorm and list all possible solutions or alternatives.
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A. Weigh the alternatives
After listing the options, each alternative needs to be carefully evaluated based on its pros, cons, feasibility, and potential outcomes.
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C. Choose the best alternative
Based on the evaluation in the previous step, select the alternative that appears most effective and suitable for solving the problem.
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B. Accept the responsibility of decision making
Finally, commit to the chosen alternative and accept the responsibility that comes with making and implementing the decision.
Therefore, the correct sequence is E, D, A, C, B.
Important Questions from Decision Making
Which of the following are necessary conditions for applying Simeon Denis Poisson distribution in the field of managerial decision making?
A. Each occurrence of an event is independent of the occurrence of the other event
B. The probability of an occurrence is the same for any two intervals of equal length
C. Poisson distribution describes continuous occurrences over a specific time interval
D. In each interval, occurrences can range from zero to infinity
Choose the correct answer from the options given below:
Which of the following common difficulties are faced in making decisions and implementing?
(A) Non-actionable information
(B) Unsupporting environment
(C) Easy acceptance by subordinates
(D) Ineffective communication
(E) Incorrect timing
Choose the correct answer from the options given below
Match List - I with List - II.
List - I
Decision Rule
List - II
Rationale for applying the decision Rule to Down App.
(A)
Conjunctive
I)
"I bought the Smartphone App with the highest over all railing".
(B)
Disjunctive
(II)
"I down loaded the Smartphone App that had the most downloads".
(C)
Affect Referred
(III)
"I selected the Smart Phone App that had no bad features".
(D)
Majority vote
(IV)
"I picked the Smart Phone App that excelled in at least one attribute ".
Choose the correct answer from the options given below:
- Who pioneered the concept of "Fight or Flight situation" as stress survival trait ?
- An economic decision in the family deals with :
(i) Multiple goals
(ii) Single goal
(iii) Multiple values
(iv) Scarce resources
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