(Answered) Economists theorize that the following steps help managers

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Economists theorize that the following steps help managers make better decisions:

1. Identify the alternatives

2. Select the option that most efficiently accomplishes the objectives

3.Recognize and account for constraints that limit options

4. Consider the likely actions and reactions of other decision makers

5.Examine economic models with hypothetical situations

Choose a well-publicized company to research. This could be a company in the news, a favorite company, or the company you work for. You will reference this company in the discussions for Modules One through Four. Examples include the following:

Sears/Lands' End

Google

Yahoo!

JC Penny

Best Buy

Ford Motor Company

Chrysler

NBC

Provide a one- to two-paragraph summary about your company. Include pertinent information such as the following:

1.Mission

2. Philosophy/principles

3.Business formation date

4.Size of company

5.Products or services

Next, identify a specific situation in which a decision was made. Evaluate, in detail, whether or not the five decision-making steps above were followed. Was fact-based decision making used by management?

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