ECONOMICS

Detailed explanation-1: -The PACED decision-making model is used for many purposes in rational decisions. It includes five steps that make up its acronym PACED. The letters stand for problem, alternatives, criteria, evaluation, and decision.

Detailed explanation-2: -PACED Decision Making Guide: A decision-making process designed to help people solve problems in a rational, systematic way. It includes the following steps: State the Problem, List Alternatives, Identify Criteria, Evaluate Alternatives, and Make a Decision.

Detailed explanation-3: -In the final step of the paced decision making framework, a manager picks the best alternative from the available selection.

Detailed explanation-4: -Their assigned goal is go through the PACED steps-1) Define the Problem, 2) List Alternatives, 3) Determine Criteria, 4) Evaluate Alternatives, and 5) Make a Decision.