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new machine should be acquired. Thus this type of decision depends upon cost as
well as profit.
Steps in decision making process
Recognize
and define
the problem
Identify
appropriate
alternatives
Evaluating
selected
alternatives
Choose the
best
alternative
Implement
decision
1. Recognize and define the problem: decision making begins with the existence of
the problem. A problem is a gap between the existing situation and the desired
outcome. The problem should be properly defined.
2. Identify appropriate alternatives: appropriate alternatives course of actions to
solve the problem should be identified. Owner of the business should be creative
and innovative to identified alternatives. They should be based in information
collection and analysis.
The sources of alternatives can be: