What are the two major sequential steps in decision making for the producers (firms)? Explain both...

Question

Question

What are the two major sequential steps in decision making for the producers (firms)? Explain both of them succinctly.

business Operations-Management

Answer 1

Answer #1

Answer: The two major sequential steps in decision making for the producer firms are

Analyzing the options: any producer firm has more than one options or ways to take while making decisions. All these alternatives have their own positive and negative impacts. Therefore the firms have to select the option that can result in the maximum benefit for the firm. Analyzing the options by comparing them for pros and cons therefore forms the most important step that helps the firm to take a right decision. The strengths and weaknesses of each option need to be analyzed for better and informed decision making.
Selecting the option: Selecting the option is the most important step in the decision making process as the success of the entire process depends on it. Here the firms select the option analyzed in the previous steps that has a best fit with the criteria for decision making.

Answer 2

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