Managerial Economicsintermediate
Arrange the steps of a managerial decision process in the correct sequence.
Answer
Identify the problem, Gather relevant data, Analyze the evidence, Evaluate alternatives and draw a conclusion
Explanation
### The order
1. **Identify the problem**: the manager needs a clear question before beginning the analysis.
2. **Gather relevant data**: evidence is selected to address that question.
3. **Analyze the evidence**: raw facts are examined to produce findings.
4. **Evaluate alternatives and draw a conclusion**: the manager compares possible actions using the analysis.
### The concept
This sequence helps prevent decisions that are arbitrary or based on unrelated facts. It also leaves room to compare alternatives, such as different products or production methods.
### Remember
Problem, data, analysis, alternatives: keep the decision steps in order.
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