ECONOMICS

Detailed explanation-1: -This is essential because analytics assist humans in making decisions. Therefore, conducting the analysis to produce the best results for the decisions to be made is an important part of the process, as is appropriately presenting the results.

Detailed explanation-2: -The steps for effective decision making are: Gather all the facts and information. Analyze the information. Develop alternatives by thinking about or brainstorming possible options and solutions. Evaluate alternative options – consider and compare the pros and cons of each option.

Detailed explanation-3: -He said that when you have an important decision to make, remember “40 to 70.” Never make a decision with less than 40% of the information you think you need. And never delay making a decision once you have at least 70% of the information you think you need.