Discuss the phase of evaluating alternatives in a decision-making process.

Question

What will be an ideal response?

Answer 1

Student answers will vary, but should demonstrate accurate knowledge about the decision-making process. Especially when decisions are important, alternatives should be evaluated with careful thought and logic. Fundamental to this process is to predict the consequences that will occur if the different options are put into effect. Managers should consider several types of consequences, including quantifiable measures of success, such as lower costs, higher sales, lower employee turnover, and higher profits. To evaluate alternatives, refer to your original goals, defined in the first phase. Next, you should consider the following questions: Which goals does each alternative meet and fail to meet? Which alternatives are most acceptable to you and to other important stakeholders? If several alternatives might solve the problem, which can be implemented at the lowest cost or greatest profit? If no alternative achieves all your goals, can two or more of the best ones be combined? While results cannot be forecast with perfect accuracy, sometimes decision makers can build in safeguards against an uncertain future by considering the potential consequences of several scenarios. Then they generate contingency plans-alternative courses of action that can be implemented depending on how the future unfolds.