ECONOMICS

Detailed explanation-1: -A decision maker’s actions are guided by a goal. Each of several alternative courses of action is linked with various outcomes. Information is available on the alternatives, on the likelihood that each outcome will occur, and on the value of each outcome relative to the goal.

Detailed explanation-2: -Summary. The decision making process is a method of gathering information, assessing alternatives, and making a final choice with the goal of making the best decision possible.

Detailed explanation-3: -A decision-maker is an employee, usually in leadership, who makes challenging decisions that impact how the company operates. Employees who are strong decision-makers know how to effectively problem solve and use critical thinking skills that help find solutions to problems.

Detailed explanation-4: -Explanation: Business Policy characterises the spheres or scope inside which choices can be taken by the subordinates in an organisation. Business policies are the rules created by an organisation to administer its activities. They characterise the cutoff points inside which decisions should be made.

Detailed explanation-5: -A good decision-maker chooses actions that give the best outcome for themselves and others. They enter into the decision-making process with an open mind and do not let their own biases sway them. They make decisions rationally, after researching alternatives and understanding the consequences.