ECONOMICS

Detailed explanation-1: -This is where decisions are reached with a cross-functional team. People from different departments have input, and buy-in is essential. You should reserve this style of decision-making for the biggest decisions you’re trying to make.

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: -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.