Briefly State the Five Steps in the Decision-Making Process

question 78

Essay

Briefly state the five steps in the decision-making process.

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Definitions:

Supply Chain Drivers

The key factors that directly impact the performance and efficiency of the supply chain, including facilities, inventory, transportation, information, sourcing, and pricing.

Cost

The amount of money or resources expended to acquire an asset, produce a product, or deliver a service.

Omni-Channel Retail

A retail strategy that provides customers a seamless and cohesive shopping experience across various channels and devices, integrating physical and digital platforms.

Response Time

The duration it takes for a system or entity to react to a specific input or demand, significant in determining customer satisfaction and operational efficiency.