ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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implementing the decision
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cost-budget analysis
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selecting the best alternative
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identifying limiting factors
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Detailed explanation-1: -Hence, we conclude that changing the desired outcome is NOT one of the steps involved in the decision-making process.
Detailed explanation-2: -Sunk costs are those which have already been incurred and which are unrecoverable. In business, sunk costs are typically not included in consideration when making future decisions, as they are seen as irrelevant to current and future budgetary concerns.
Detailed explanation-3: -1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. 2] Influencing outcomes. 3] Placing competitive bets. 4] Making strategic decisions. The constraint of decision making research.
Detailed explanation-4: -Step 1: Identify the decision. You realize that you need to make a decision. Step 2: Gather relevant information. Step 3: Identify the alternatives. Step 4: Weigh the evidence. Step 5: Choose among alternatives. Step 6: Take action. Step 7: Review your decision & its consequences. 08-Jun-2022