Question

Suppose that Markus Braun was trying to decide where he should open businesses next. He wants to make a rational decision. What should be his first step in making that decision?
a . Define the problem.
b. Generate alternative courses of action.
c, dentify criteria for judging the decision.
d. Compute the optimal decision.

Answer 1

Markus Braun's first step in making a rational decision is a. Define the problem.

The definition of the problem of where to open businesses will enable Markus to:

• Establish critical decision criteria that will be used to adjudge the different choices.

• Ascertain and evaluate the optimal locations that will meet his investment requirements.

Six decision-making processes identified for achieving satisfactory outcomes include:

• Step 1 is the Identification of the Problem
• Step 2 is the Establishment of the Decision Criteria
• Step 3 is the Weighing of the Decision Criteria
• Step 4 is the Generation or Identification of Alternatives
• Step 5 is the Evaluation of Alternatives
• Step 6 is the Selection of the Best Alternative

Thus, wherever these processes are followed, the probability of achieving favorable outcomes become higher.

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