Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Review the six-step decision-making process outlined below, then answer the question that follows.
Step 1: Define the problem
Step 2: Identify alternatives to the problem
Step 3: Evaluate the identified alternatives
Step 4: Make the decision
Step 5: Implement the decision
Step 6: Evaluate the decision
A customer is frequently slow in paying invoices—sometimes as late as 30 days. Is this because (1) he does not manage his books well, (2) he is trying to conserve his working capital as long as possible, or (3) his own customers are often slow in paying him for the goods he sells them? Consider that there may be another explanation as well. Based on your ethical concerns, use the six-step decision-making process to arrive at a solution. Explain your reasoning for each of these steps.
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