A series of eight steps that begins with identifying a problem and concludes with evaluating the decision's effectiveness is the ____________.
A) bounded rationality approach
B) managerial process
C) maximin style
D) decision- making process

Question

Quizplus · Accepted Answer

The series of eight steps mentioned in the question (identifying a problem, identifying decision criteria, allocating weights to criteria, developing alternatives, analyzing alternatives, selecting an alternative, implementing the alternative, and evaluating the decision's effectiveness) is known as the decision-making process. Therefore, option D is the correct answer. Option A, bounded rationality approach, is a concept that acknowledges that decision-makers may not have full information, and their decisions are, therefore, limited or "bounded" by their cognitive abilities, time constraints, and personal biases, among other factors. Option B, managerial process, is a general term that encompasses all activities related to managing an organization, including planning, organizing, leading, and controlling. Option C, maximin style, is a decision-making strategy that focuses on minimizing the maximum possible loss rather than maximizing the potential gain.

A Series of Eight Steps That Begins with Identifying a Problem