Answer to Question #214346 in Management for ali

Question

 Consider a big decision that you have made. Write a description of the decision using the steps in the decision-making process as your guide. What could you have done differently in the process to improve your decision? (Word limits up to 250)

Answer 1

    A start-up fruit parlor business

1.     Identifying the decision. This will help to know how the decision will solve an identified problem.

2.     Gathering relevant information. It will require thorough market research on how to run the fruit parlor.

3.     Identifying the alternatives. With relevant information, it will be easy to identify the possible solutions to overcome the problems likely to face this start-up business.

4.     Weighing the evidence. This will help to use the best alternative to use in the business.

5.     Choosing among alternatives. This is the step where the final decision will be made.

6.     Taking action. Once the decision is made, a plan will be made to make the decision achievable.

7.     Reviewing the decision. This will help to know whether goals have been met.

How to improve the decision

1.     Considering the consequences of the decision to be made.

2.     Identifying cognitive biases.

3.     Sticking to facts.