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An electric car manufacturer wishes to develop a model to forecast future sales of each of...

An electric car manufacturer wishes to develop a model to forecast future sales of each of its three models to decide how many of each to produce. List the four phases of a decision-making/modeling process that the firm could use, and formulate what should be done in each phase.

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Answer #1

List the four phases of a decision-making/modeling process that the firm could use, and formulate what should be done in each phase.

  • Preparation
    • ?identify the problem that might hinder future sales
    • determining goals to achieve future sales
    • gather information and analyze data to prepare a forecast
  • Decision
    • ?The process of creating a determination to develop a model to forecast future sales through various management tools
  • Implementation
    • ?The actions taken as a direct result of the decision
    • All strategies are brought to action in this phase
  • Consequences
    • The effects caused by making the decision
    • The effects are evaluated in this phase
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