When a customer wants to buy a bicycle, first and foremost he or she must identify the problem (to buy

a bicycle) which means the discrepancy between the existing state of affairs and the desired state of affairs. The client needs to contrast the present state of undertakings and some standard. The next step he should take is to identify the decision criteria that will be important in solving the problem. His first consideration is to know where he'll be riding. Then he must consider the relevant criteria of the bicycle which might include type (mountain bike, recreational bike, road bike) referring to where hell ride, its price, model, size, manufacturer and optional equipment for the bicycle. In many decision making situations, the criteria are not equally important, so its necessary for the decision maker to allocate weights to the items listed in the previous step to factor their relative priority into the decision. A straightforward approach is to give the most vital criterion a weight of 10 and after that appoint weights to whatever is left of the criteria against that standard to show their level of imperativeness. Therefore, a criterion that the purchaser gave a 5 is just half as critical as the most elevated evaluated criterion. In Step 4, the decision maker lists the alternatives that could resolve the problem. The decision maker just records the alternatives and does not endeavor to assess them in this step. If type of bike is the most important one, then he should give the criterion a 10. When the alternatives have been distinguished, the chief moves to Step 5that is, discriminatingly analyzing each alternative by evaluating it against the criteria. The qualities and shortcomings of each alternative come to be clear when contrasted and the criteria and weights created in second and third. Step 6 is the discriminating demonstration of choosing the best alternative from around those evaluated. Since we resolved all the appropriate considers in the choice, weighted them properly, and distinguished the suitable alternatives, we pick the alternative that creates the most noteworthy score in Step 5. Despite the fact that the decision process is presently finish, the decision might at present not succeed in the event that its not implemented legitimately. So here comes the following step that is to implement the decision. It includes passing on the decision to those influenced and to getting their dedication. He should eagerly underwrite the conclusion if in the wake of making the decision. The last step in the decision-making process, decision makers appraise the result of the decision to see whether the problem was resolved. Did the alternative chosen in Step 6 and implemented in Step 7 accomplish the desired result?

When Im purchasing a bicycle from VOLT bicycle shop under conditions of uncertainty , means that I know the set of potential states but nothing more because I could not assign a precise probability to each potential state. Notwithstanding unreasonable presumptions, I comprehend that "exceptional" leaders should fulfill certain results and uncover great choice making conducts. At the same time with restricted capacity to process data, I might settle on choices utilizing the idea of bounded rationality. In light of the fact that I can't in any way, shape or form break down all data on all alternatives, I fulfills, instead of boost. That is, I attempt to acknowledge results that are "exceptional enough. When only the set of states is known, it does not make sense to put more weight on the outcomes of one state than those of another. It is, however, possible to put greater weight on outcomes that are particularly good or bad. The following decision rule is often recommended which is to judge the act as if this outcome will occur and choose the act that, on this basis, is the best one. An example of that is to consider purchasing a recreational bike. But I want to use the bicycle for different activities or terrain other than recreation. Maybe I will use it on dirt or rocky trails and gravel roads besides pavement which is the most suitable for this type of bike. Similarly, this is frequently called the maximin-rule. To apply the rule, I must have the capacity to rank results; that is, ordinal inclination over conclusions should exist. Note that the maximin-rule certainly expects an in number repugnance for misfortune, as in I just thinks about most exceedingly awful results. Under the supposition of lack of determination, the company have no data whatsoever about the probability of different states.

In strategic management process, there are six steps process which encompasses strategy planning, implementation and evaluation. Evaluation and implementation is really important and must be done properly because even the best strategies can fail. The first step is to identify the organizations current mission, goals, and strategies. The mission is a statement of the company's purpose. Characterizing the mission forces managers to recognize what the association is in business to do. Mission statement includes the customers they want to attract, markets, philosophy, technology use for the bicycle, selfconcept, concern for public image, concern for survival, growth & profitability, product & services they provided and lastly their concern for employees. Each should be assessed to see if managers should change any of them. In the second stage, managers need to conduct an external analysis so he will have a thought of what the rivalry is completing, how pending enactment may influence the organization, and how stable the nearby work supply is in areas where it works. Next, with external analysis, they will inspect all parts of nature's turf that is, financial, demographic, political/legal, socio social, innovative, and worldwide to see the patterns and changes and finally can spot chances that the company can use and dangers that it should prevent. In Step 3, discriminating data around the range of an organization's particular resources and capabilities could be furnished when administrators conduct an internal analysis. An organization's resources are its possessions fiscal, physical, human, and immaterial that it uses to develop, produce, and convey items to its clients. Its capabilities are its abilities and capabilities in doing the work exercises required in its business in examination to holdings. The real quality making capabilities of the association are reputed to be its core competencies. Both resources and core competencies verify the association's competitive weapons. After the manager had done with the internal analysis, he ought to have the capacity to distinguish the organization's qualities and weaknesses. Any exercises the association does well or any interesting assets that it has are called strengths. Weaknesses are exercises the association doesn't perform well or assets it needs yet doesn't influence. Combinations of both external and internal analyses are called the SWOT analysis because, together, they are an analysis of the organizations strengths, weaknesses, opportunities, and threats. In the wake of finalizing these strategies, managers are primed to detail fitting techniques that adventure an association's strengths and outside chances, and cradle or ensure the association from outer threats. STEP 4 is formulating strategies. As managers prepare strategies, the external environment and their available resources and capabilities should be considered to design strategies that will help their organization achieve its goals. Managers typically develop three main types of strategies: corporate, business, and functional. STEP 5 involves implementing strategies. Strategies must be implemented once they are developed. Performance will experience hardship if the strategies arent implemented properly no matter how effectively the company has planned its strategies.

The last step is evaluating results. This is towards the end of the strategic management process, where managers ask, How effective have the strategies been at helping the organization reach its goals? What reconciliation is necessary?