12.3. Decision-Making Process

Try these first

1. 1.

   What is problem identification in the decision-making process?

   Hint

   Think about what issues may arise that need addressing.

2. 2.

   Name one key reason why data collection is important.

   Hint

   Consider how solutions depend on having accurate information.

3. 3.

   What is the first step in the decision-making process?

   • Data Collection
   • Alternatives Development
   • Problem Identification

   Hint

   Think about which step starts the process.

4. 4.

   True or False: Evaluation of alternatives only involves qualitative data.

   • True
   • False

   Hint

   Consider what types of data can be involved in evaluating options.

5. 5.

   You’re part of a management team at a tech company facing declining sales on a product. Carry out a SWOT analysis for launching a new version of the product.

   Hint

   Break down the analysis into each component - start by identifying internal strengths and weaknesses.

6. 6.

   Consider a scenario where a product launch failed due to lack of market research. Discuss the impact of omitting the data collection phase in the decision-making process.

   Hint

   Think about how accurate information affects decision outcomes.