Managerial Decisions/ Decision Analysis is the Process of selecting the best out of alternative opportunities, open to the firm.
To arrive at a business decision, the four main phases are:
1. Determine and define the objective.
2. Collection of information regarding economic, social, political and technological
environment and foreseeing the necessity and occasion for decision.
3. Inventing, developing and analyzing possible courses of action.
4. Selecting a particular course of action from the available alternatives.
Business environment comprises of the economic, social, political and technological environment.