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: -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-3: -Answer 1: Identification is the first and most important step in decision making process because if we do not identify the problem so how we can take the decisions. Once you got the problem then you have realize that you need to make a decision.

Detailed explanation-4: -The decision making process is a method of gathering information, assessing alternatives, and making a final choice with the goal of making the best decision possible. In this article, we detail the step-by-step process on how to make a good decision and explain different decision making methodologies.