Which Is the First Step in the Management Decision-Making Process

question 108

Multiple Choice

Which is the first step in the management decision-making process?

• A) Determine and evaluate possible courses of action.
• B) Review results of the decision.
• C) Identify the problem and assign responsibility.
• D) Make a decision.

Acknowledge the historical timeline and context of Frederick Taylor's scientific management studies.

Understand the early human relations theory and its implications on employee satisfaction and unionization.

Grasp the concept and application of Pareto analysis in problem-solving.

Appreciate the various approaches to management including systems theory, the behavioral approach, and the contingency approach.

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Definitions:

Restructuring Strategy

An organizational approach aimed at modifying its business structure, operations, or financial arrangement to improve efficiency, productivity, or adapt to market changes.

Operating At A Surplus

The condition in which a company or organization's revenues exceed its expenditures, leading to a positive financial position.

Money-Making

The process of generating revenue or profit, often considered as the primary goal of a business.

Growth Strategy

A plan of action designed to increase the size and scope of a business, often involving expansion into new markets or increasing market share.