In which step of the decision process do managers compare predicted costs to determine the accuracy of predictions?
A)Step 1: Identify the Problem and Uncertainties.
B)Step 2: Obtain Information.
C)Step 3: Make Predictions about the Future.
D)Step 4: Make Decisions by Choosing among the Alternatives.
E)Step 5: Implement the Decision,Evaluate Performance,and Learn.

Question

Quizplus · Accepted Answer

In Step 5: Implement the Decision, Evaluate Performance, and Learn, managers compare the actual outcomes to the predicted outcomes to determine the accuracy of their predictions. This step is crucial for learning and improving future decision-making processes.

In Which Step of the Decision Process Do Managers Compare