DECISION SUPPORT TOOLS2Answer 5........................................................................................................................................15Part A.........................................................................................................................................15Part B.........................................................................................................................................15Part C.........................................................................................................................................16
DECISION SUPPORT TOOLS3Answer 1Part AThere are five different steps that has to be followed in order to make a decision in anyreal life situations where there exists a multiple number of options and decision cannot be maderandomly on which option will be apt to the situation. To come out of that situation, thefollowing steps has to be followed:The problem has to be identified at first. The type of decision which is of interest to theperson has to be identified at the beginning. Some information has to be gathered related to the event on which the decision has to bemade. While conducting the process of collection of information, several alternative approachesof solving the problem can also be identified. With the help of imagination and extrainformation, relevant alternative procedures can be constructed.The collected information has to be assessed with the help of the alternatives developedwhile the collection process and the potential of each of the alternatives has to beevaluated.The alternative with the highest potential or the alternative that will be the best for theperson or the business has to be selected. Part BThe different processes or strategies that are available in the market are known as thealternatives. With the help of the analysis, one of the alternatives or the strategies will be termedas the best and that alternative will be chosen.
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