Question

“Business decision making requires identification of decision alternatives, logging relevant costs/benefits of each choice, evaluating qualitative issues, and selecting the most desirable option based on judgmental balancing of quantitative and qualitative factors.” Explain the analytics for managerial decision making

Answer 1

Yes it's true the process of taking a decision described above is not a simple one . Very firstly it involves understanding the core problem and deprecating it out with side issues. After addressing the core issue, manager needs to foulrmulate all alternative solutions available to solve it whether it be basis to extreme solution. To choose among one solution he does the cost benefit analysis and the one that provides maximum efficiency max benefit is chosen. For this analysis he may use computer programs to run out some calculations and comparing alternatives over same parameters .