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Decision making is a core function of management and forms the basis of planning, organising, directing and controlling organisational activities. A managerial decision refers to a conscious and rational choice among available alternatives to achieve desired objectives. The decision-making process is systematic and involves a series of interrelated steps that help managers arrive at effective and timely decisions. The first step in the managerial decision-making process is the identification and definition of the problem. A problem arises when there is a gap between the existing situation and the desired state of affairs. Managers must clearly recognise and define the real problem rather than its symptoms. Accurate problem identification is crucial because a wrongly defined problem can lead to inappropriate decisions. Managers collect preliminary information, observe deviations in performance, and analyse internal and external conditions to understand the nature and scope of the problem. The second step is the collection and analysis of relevant information. Once the problem is identified, managers gather relevant data related to the problem. This includes information about organisational resources, constraints, environmental factors, market conditions, _________ __________ _________ ____ _________ __________ _______ ___ _____.
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