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: -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.

Detailed explanation-3: -A problem is usually about something that has gone wrong (such as faults, gaps or difficulties). Whatever the cause, it can usually be traced to something in the near or distant past. Whereas decisions are about looking ahead. They are commitments to a course of action which is uncertain.

Detailed explanation-4: -Weigh the evidence. Choose among the alternatives. Take action. Review your decision.

Detailed explanation-5: -The first step in decision making process is the clear identification of opportunities or the diagnosis of problems that require a decision. Objectives reflect the results the organization wants to attain. Objective is the desired result to be attained when making decisions.