Putting Economic Analysis to Work

Introduction

Decision making is an extremely vital process in any aspect of business. To make decision refers to the act of making up of the mind concerning something or an issue. Decision making may not be as easier as it usually sound. This is because there are certain decisions that are vital and that do have a significant impact in the life of n individual therefore changing the course that life takes. Similarly, in a business environment, there are situations that normally arise and that need to be confronted. These dilemmas or problems need decisions to be made and decisions are bound to affect those around or in the business.

Making such decisions must be done in a way that is unusually careful especially because some decisions have effects on one’s life or business in the future. As Samuelson & W., Marks (2009) puts it, the process of decision making needs to be done in a systematic way in order to achieve successful changes that are desired. In this respect, there are six key steps that are explored in as much as making decisions is concerned. The process ensures that one is clear in mind before taking a certain decision that is final. The steps further enhance an individual’s skills of decision making under various circumstances. Defining the problem

 

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The first step is defining the problem at hand. This is the basic step that one needs to take in order to make final decisions. It goes without saying that one cannot solve a problem that is not yet identified. The underlying problem has to be stated before one even thinks of the solutions. This should go in line with stating of the desired outcome once a final decision is made as concerns the identified problem. This is the way to start as in order to gain the clarity of thoughts, one must have set targets and goals. Developing attitudes

In order for the situation of decision making to be achieved, it is obvious that there are a number of available alternatives that are usually presented. In this case, once a problem is identified, it is then necessary to take the next step of recognizing the most appropriate methods  among the various alternatives of dealing with the situation. This stage does not necessarily necessitate the submission of the obvious alternatives, but there can be a development through ones creativity to come up with yet another alternative that may look different but fits the problem. This is usually beneficial because there are some solutions that are best applicable yet they are originated from what is called out of the box thinking. Research needs to be adequately done in order to come up with the best resolution for the existing problem as there is a need to have factual decisions. (Cohen, 1985) Evaluation of the alternatives

In the procedure of making decisions, evaluation is considered as one of the most vital stages. This stage is where the alternatives are critically and carefully analyzed before settling down on a specific alternative. Every option is reviewed in details, and disadvantages and advantages are weighed. The analysis is done in line with the different research done on every alternative. Alternatives that seem impossible or those that cannot be applied are done away with at this stage. The filtration process is achieved best through numerical numbering of the alternatives to eliminate those that seem unsuitable or that will not serve the required purpose. Making the decision

In this stage, the application of the analysis is put to work. Proper decision is made at this level specifically on the basis of the research that has been done on various alternatives. One has to pick an option that is known to be the most opted one from the considerations of all the available options. Some of the alternatives can also be clubbed or refined so as to come out with alternatives that are better instead of just picking the alternatives. Implementation of the decision

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After making a choice on the desired options, it follows that there must be a choice of the option. However, making a decision alone is not the solution to getting the results that one desires. It is essential that there is carrying out of the decision that is already made. This stage is usually immensely beneficial s it should include all those that are involved in the implementation process. Implementation is essential for the successful result of a decision. (Daft, 2011) Monitoring the solution

Implementing a decision after making it does not mark the end of the procedure of decision making. Monitoring of the decision on a regular basis is necessary so that the progress of the implementation is kept. The solutions need to be guarded so that there is a total and appropriate implementation of the same. The results of the implementation of the decisions need to be measured if they tally with the expected standards. This is important for in the process of monitoring the decisions, it can be realized that the results being gotten are not the desired ones, thus, there is a chance to change the decision. This can be helpful only if the monitoring is done properly, and the observation is made at the early stages of the decision implementation.