Question

Find a small or medium firm and list the implementation of the six-step procedure to the decision making process is within that small or medium size firm/enterprise.

Answer 1

A small or medium firm can easily be set up for self employment. A person can choose an activity dependind upon there suitability and interest. the earlier concept of industries has been changed to enterprises.

In general, the decesion making process helps managers and other business men to solve there problems by examining alternative choice and deciding the best alternative in all.however it is not obvious whether small and medium sized firms follow that procedure. in this discussion we will deal with the procedure of decision making. they are as follows:

1) Identify the decesion- This is the first step of decesion making process i.e to recognize the problem or opportunity and deciding to address it. and determine how this would be benefecial for our consumers.

2) Information gathering- in this step all the information, facts, datas,figures are to be gathered and should be judged properly so that we can analyse what are the important information ae to be required while making decesions.

3) Find alternatives- after all the information are gathered our next step is to find out the alternatives for problems. we should see all the alternatives and then decide the best alternative which is usefull for our issues.

4)Evaluate the alternatives- in this step all the alternatives are evaluated by the experts whether they are accepted by our management experts. whether they are feasible, acceptable and desireable.

5) Choose among alternatives- when its time to take decision we shold have the alternatives for our every decesions as risk are involved with every decesion so its is necessary to have alternative for every decesion.

6)Take action- this is the last step of decesion making process is to take action on your decesion. this requires all the resources which we have collected during our decesion making process.