ECONOMICS

Detailed explanation-1: -For situations where it’s a large decision but there’s no urgency around it, you’ve got plenty of time. You can be using a consensus based decision making style. And last, for midsize decisions where there’s not a lot of urgency but you do need to make a decision and move on, a democratic style is the most appropriate.

Detailed explanation-2: -A consensus based decision-making process is an effort in which affected parties (stakeholders) seek to reach agreement on a course of action to address an issue or set of related issues. In a consensus process, the stakeholders work together to find a mutually acceptable solution.

Detailed explanation-3: -Consensus can require a lot of commitment and patience to make it work. Everyone must be willing to really give it a go. That means sticking with the process rather than jumping to a majority vote whenever you disagree. It also requires people to give time and energy to building equality in your group.

Detailed explanation-4: -The four decision-making styles, analytical, directive, conceptual, and behavioral, are strategies leaders and individuals employ to make choices. Different styles work better in different situations or environments, and understanding decision-making leads to productive, cooperative, and engaged work environments.

Detailed explanation-5: -For situations where you have low impact and they’re reasonably small decisions, but they get larger as urgency goes up, an Autocratic decision-making style is the most appropriate.