Discuss the steps in the Problem-Solving Process and explain the steps by providing an example of how a decision-maker uses each step to solve a problem. You may choose a problem of your choice.
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Discuss the steps in the Problem-Solving Process and explain the steps by providing an example of how a decision-maker uses each step to solve a problem. You may choose a problem of your choice.
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- Describe a problem or decision you might face in your personal or professional life and share which decision-making method from chapter 3 of your textbook you would use to resolve it. Why is it important to ask questions when problem-solving? Why do many employers specifically seek employees who are excellent problem-solvers?Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.Consider the decision-making process steps; identify one step, if any, that is more important than the others. Defend the answer. Steps of the decision-making process: Define the real problem after awareness of the symptoms Set criteria for making the decisions while analyzing available information generate relevant alternative solutions to the problem analyze and evaluate these alternatives select the best alternative for a solution implement the chosen alternative monitor and evaluate the decision's effectiveness Please explain in detail
- A decision-making process can determine the success or failure of an organization, and how well it performs. Explain Decision Making Process in your own words. Additionally, suggest a possible decision-making example in an organization and perform the following steps based on the chosen example: Understand the decision Collect all the information Identify the alternatives Compare the risks and benefits of each solution Select the best alternative Make the decision Evaluate the impact of your decisionHow can decision trees be utilized in decision theory to analyze and evaluate options?First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. For this discussion, we will use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision makers in an organization. Select one of the levels of decision making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision.
- Decision-making framework: You will use the DECIDE model to make your decision. The DECIDE model is a six-step decision-making framework that stands for: Define the problem Establish the criteria Consider all the alternatives Identify the best alternative Develop and implement a plan of action Evaluate and monitor the decision Scenario: Imagine that you are the CEO of a small business that sells handmade jewelry. Your business has been growing steadily for the past few years, and you are now considering expanding into a new market. You have narrowed down your options to two cities: New York City and Los Angeles. Instructions: Use the DECIDE model to make a decision about which city to expand into. Be sure to include all of the steps in the DECIDE model in your post. Be as specific as possible when describing your scenario. What are the pros and cons of each city? What are the criteria that you will use to make your decision?Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.What principles form the basis of the rational decision-making model and what are its major dimensions? What is the difference between that and the bounded rational approach to decision-making.