ECONOMICS

Detailed explanation-1: -You realize that you need to make a decision. Try to clearly define the nature of the decision you must make. This first step is very important.

Detailed explanation-2: -The first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.

Detailed explanation-3: -To make a decision, you must first identify the problem you need to solve or the question you need to answer. Clearly define your decision. If you misidentify the problem to solve, or if the problem you’ve chosen is too broad, you’ll knock the decision train off the track before it even leaves the station.

Detailed explanation-4: -Specify the problem – a first step to solving a problem is to identify it as specifically as possible. It involves evaluating the present state and determining how it differs from the goal state. Analyze the problem – analyzing the problem involves learning as much as you can about it.

Detailed explanation-5: -Pinpointing the issue is the first step to initiating the decision-making process. Ensure the problem is carefully analyzed, clearly defined, and everyone involved in the outcome agrees on what needs to be solved.