Decision-Making Model

Decision-Making Model

1. Identify Problem: What has caused sales to fall? E.g. recession

2. Identify the Objective: What goal is the firm going to pursue? E.g. Increase sales by 20% through launch of new website

3. Gather Information: What would the cost be?

4. Analyse the Information: Can the firm afford this expenditure?

5. Devise Alternative Solutions: Buy over an existing company

6. Select a Solution: Introduce the firm's own website

7. Communicate the Decision: Let the main stakeholders know e.g. staff, shareholders

8. Implement the Decision: Arrange the launch of the website and possible closure of shops

9. Evaluate the Results: Compare your increase in sales with the firms objectives