ECONOMICS

Detailed explanation-1: -In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.

Detailed explanation-2: -Decision making planning envisions the desired outcome and asks the questions needed to move toward the chosen solution. This is true for business as well as personal decisions. Similar to problem solving, certain framing questions help to clarify and further characterize the choice to be made.

Detailed explanation-3: -Decision making can also be classified into three categories based on the level at which they occur. Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done. Finally, operational decisions are decisions that employees make each day to run the organization.

Detailed explanation-4: -Simply put “governance” means: the process of decision-making and the process by which decisions are implemented (or not implemented). Governance can be used in several contexts such as corporate governance, international governance, national governance and local governance.