- Identifying the problem. The problem should be clearly understood.
- Definition of the most likely solution. This includes researching and examining the possible solutions and then select from the promising solutions by assessment through observations, collection and organizing all the relevant solutions.
- Evaluation of the qualitative and quantitative effect of each likely solution. Qualitative effects involves the factors that could effect that could be quantified in terms of costs, prices and yields that could vary with each alternative, while the quantitative effect of each possible solution regards the inequitable effects of an alternative solution and that can include effects on the employees working hours, absence of time offs or absenteeism.
- Deciding the best action. This is choosing from among the possible solution after evaluating each possible solution.
- Taking of action. It’s useless to make a business decision if it is not implemented by all the concerned persons, therefore the best alternative chosen must be implemented.
- Review of the results of the action taken. Since decisions are normally based on incomplete information about the uncertainties of the future, it of paramount importance to observe and measure the results of the decision made. This guides in the future business decision making.
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