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: -Democratic – “One Member, One Vote” While the group votes and the majority leads, no one individual is responsible for the decision and the group may not feel responsible if all of the members did not vote. There may be no responsibility taken for the decision.

Detailed explanation-3: -Who gives the government this power to make decisions and enforce laws? The answer to this question depends on the type of government there is in a country. In a democracy it is the people who give the government this power. They do this through elections in which they vote for particular persons and elect them.

Detailed explanation-4: -A democratic decision always involves many persons, discussions and meetings. When a number of people put their heads together, they are able to point out possible mistakes in any decision. As most of the decisions are taken by discussions, this reduces the chances of rash or irresponsible decisions.

Detailed explanation-5: -The four different decision-making models-rational, bounded rationality, intuitive, and creative-vary in terms of how experienced or motivated a decision maker is to make a choice. Choosing the right approach will make you more effective at work and improve your ability to carry out all the P-O-L-C functions.