Steps in the decision-making process
i. Two of the steps in the decision-making process are to 'specify the criterion' and to 'develop a decision model'. List the remaining four steps in the decision-making process.
ii. Explain the difference between the two steps listed above, specifying the criterion and developing a decision model.

i. The six steps are:
- clarify the decision problem
- specify the criterion (given in question)
- identify the alternatives
- develop a decision model (given in question)
- collect the data
- select an alternative.
ii. Specifying the criterion refers to the financial element (or other criterion) that is to be maximised or minimised (e.g. profit, market share, total cost). Sometimes there are two or more important criteria, in which case one or more can be expressed as constraints on the possible alternatives.
A decision model incorporates the criterion to be used to evaluate the alternatives. However, the decision model also considers the constraints and the alternatives.