Match the definition on the bottom to the correct Step on the top.

Step 1: Identify the problem.

Step 2: Obtain information

Step 3: Make predictions

Step 4: Make decisions by choosing among alternatives

Step 5: Implement the decision, evaluate performance

A. comparing the predicted benefits of each alternative with each of the predicted costs (as well as other non-quantitative factors), and selecting an alternative that maximizes the difference between the expected benefits and the expected costs.

B. collecting all data pertinent to the decision situation, both quantitative and qualitative, and determining which information is relevant to the decision, and determining which alternatives are being considered.

C. making all the necessary changes in operations to support the decision, learning from the results, and determining how to avoid any difficulties encountered in either the decision-process or the implementation.

D. using the information obtained above and attempting to predict what the future costs and benefits will be for each of the various alternatives.

E .finding risks, uncertainties, or other failures associated with a business which will affect the internal and external prospects of the firm.