1.) What are the steps in the decision making process? Share experiences you may have in the decision-making process at your work.
2.) Customer demand is a major influence on operations the price that customers are willing to pay the quality and any trade-offs are also considerations. Companies will consider the products and pricing strategies of competitors in setting prices. Costs are a factor in the pricing process more so in some industries than others. What examples can you provide of industries that are market driven? How about industries where prices are set by adding a markup?
3.) Another key concept we are discussing and learning about is the capital expenditure decision.
Capital budgeting decisions are those decisions that involve cash flows over several years for example, purchase of machinery or a significant change in the production process.
Capital budgeting decisions are divided into two major categories. Please explain the two categories and how they differ.