Why do managers make bad decisions? Identify a problem in economics (most preferably a pressing issue in current context), and find a solution to the problem by following the decision making process: Identify the Problem Determine the objective(s) Identify at least five (5) possible solutions Using your judgement, select the best possible solution. Why do you think that the solution you chose in (#2) is the best possible solution?
- Why do managers make bad decisions?
- Identify a problem in economics (most preferably a pressing issue in current context), and find a solution to the problem by following the decision making process:
- Identify the Problem
- Determine the objective(s)
- Identify at least five (5) possible solutions
- Using your judgement, select the best possible solution.
- Why do you think that the solution you chose in (#2) is the best possible solution?
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Managerial decision-making is a structured process to solve an identified problem and enable the efficient performance of the business operations. It is a process of selecting the best course of action from two or more alternatives to resolve an issue. Decision making is an integral component of managerial activities. It plays a major role in completing the task and accomplishing business goals and objectives.
The managers in the organization go through the decision-making process every day. Their decisions have a huge impact on the organization and its stakeholders.
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