ECONOMICS

Detailed explanation-1: -A decision is a choice made between two or more available alternatives. Decision making is the process of choosing the best alternative for reaching objectives. Decision making can be defined as a process of choosing between alternatives to achieve a goal.

Detailed explanation-2: -Selecting one from the various alternatives is called decision making.

Detailed explanation-3: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.

Detailed explanation-4: -Decision making can also be classified into three categories based on the level at which they occur. Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done. Finally, operational decisions are decisions that employees make each day to run the organization.