Question 1: Discuss different phases of decision making process in detail
Phases of decision-making process are:
Intelligence
searching for conditions in the environment that call for decision so
Design
inventing, developing, and analyzing possible courses of action
Choice
selecting a course of action from those available
Implementation
implementing the selected course of action
Monitoring
checking the consequences of the decision made after implementationThe
Intelligence Phase
Scan the environment to identify problem situations or opportunities. Conditions that call for decisions are identified.
Typical Activities include
- Country Risk based on following
- Country credit rating
- Transparency
- Corruption
- Facilities for one window operation (levels of bureaucracy)
- SRO Culture
- Govt. Policy
- Law & Order
- Exchange rates
For instance, international banks while entering into country make assessment of exposure and thus limit the maximum number of transactions the bank can undertake.