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a) The decision-making process involves five steps in full and is explained below:
? The first step decides what decision is necessary and what the possible consequences of making a decision are.
? The second step is to make a list of all decision options, which are currently available through several options available to us, which can be done by remembering the interested team.
? Measure different risks and results of each decision option.
? Calculate the gain/loss in terms of money and time of each option.
? Choose the correct decision analysis model to select the options to make thecorrect decision.
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