ECONOMICS

Detailed explanation-1: -Critical thinking skills are essential for decision-making because it allows managers and leaders to gather information and analyse it to extract critical data. These skills ensure that a leader’s decisions offer a desirable outcome and minimise the risk of errors that might disrupt the project or company’s growth.

Detailed explanation-2: -Identify a business problem. Seek information about different possible decisions and their likely effect. Evaluate the alternatives and choose one of them. Implement the decision in business operations.

Detailed explanation-3: -Decision-Making Skills Definition Facilitating a brainstorming session to decide on a new product feature. Choosing a candidate to give a job offer to. Collecting feedback from team members to ideate a new team workflow. Researching market trends to understand how they’ll impact company strategy.

Detailed explanation-4: -Making decisions-both large and small-is critical to the success of a business. Decisions come from the need to solve a problem or the need for a potential opportunity. Gathering the right amount of information and input from key stakeholders is essential for making informed decisions.

Detailed explanation-5: -Selecting the best solution is the most critical part of decision making. There is a risk element involved in each alternative against the expected gain. Selection should be made at proper time.