Specify the Criteria:
After identifying the decision problem, the decision maker should specify the criteria upon which a decision is to be made. Most often, the criteria or the objective can be easily quantified such as minimizing cost, improving profit through increased return on investment, increasing share of company product in the market.
Identify Alternatives as Possible Solutions to the Problem:
Decision making is choosing between the alternatives.
Perform Relevant Information Analysis:
In this fourth step, a manager collects relevant data (relevant costs and relevant benefits) associated with each feasible alternative
Select and Implement the Best Alternative:
Based on the relevant cost and relevant revenue analysis, the manager, in the fifth step, selects the best alternative and executes it.
Evaluate Performance:
In the sixth and final step, the manager evaluates the performance of the implemented decision as a basis for feedback to a possible reconsideration of this decision as it relates to future decisions.
What does "flipism" mean?
Flipism, sometimes spelled "flippism", is a pseudophilosophy under which decisions are made by flipping a coin. It originally appeared in the Donald Duck Disney comic "Flip Decision by Carl Barks, published in 1953. Barks called a practitioner of "flipism" a "flippist"
An actual coin is not necessary: dice or another random generator may be used for decision making.
Flipism can be seen as a normative decision theory, although it does not fulfill the criteria of rationality.
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