ECONOMICS

Detailed explanation-1: -Weighing up pros and cons is a quick, simple way to make objective, considered decisions. Quantifying options helps you to weigh up your decision. In a “Pros” column, write down all of the possible benefits of following the course of action, and all the possible negative outcomes in the “Cons” column.

Detailed explanation-2: -Alternative analysis is often performed to give decision-makers choices for continuing existing programs or starting a new one. With this, it identifies cost-effective actions to avoid duplication of efforts as well as decrease the risks in delivering successful programs in the future.

Detailed explanation-3: -Selecting one from the various alternatives is called decision making. When trying to make a good decision, a person must weigh the positives and negatives of each option, and consider all the best possible alternative.

Detailed explanation-4: -Weigh the alternatives: define your evaluation criteria. Select the preferred alternative: which choice/s will best meet your objectives? Consider the consequences: what could be potential future outcomes? Identify the best solution: which option is the best for you?