ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Agony
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Opportunity Cost
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Procrastination
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None of the above
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Detailed explanation-1: -procrastination. decision making strategy in which you delay making the decision until someone else makes the decision or until options disappear “by default".
Detailed explanation-2: -Decisions are made explicitly whenever one consciously combines beliefs and values in order to choose a course of action. They are made implicitly whenever one relies on a ritualized response (habit, tradition) to cope with a choice between options.
Detailed explanation-3: -Try to clearly define the nature of the decision you must make. This first step is very important. Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it.
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