Question

Explain the process of managerial decision making in managerial economics

Answer 1

The decision making process involves the following 8 main and important steps. ... The main steps are: purpose identification, gathering information, alternatives judgment principles, analyzing the choices and brainstorming, alternatives evaluation, pick the best alternative, decision executions and results evaluation

Answer 2

Explanation:

Establishing Objectives: Decision-making refers to choosing from alternative courses of action or alternative ways of doing things.

• When a manager makes a decision, he chooses from some set of alternatives and acts on the one that he believes will best contribute to some particular end result or company objective.