ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An alternative is one of the possible courses of action available. Without alternatives, we have no decision. Good alternatives are (1) under our control, (2) significantly different, (3) potentially attractive, and (4) doable.

Detailed explanation-2: -To evaluate alternatives, you need to weigh the pros and cons of the possible consequences of each of your alternatives. This is the second step of the back end of the value-focused decision-making process indicated in Table A.

Detailed explanation-3: -Waiting gives you a chance to think of additional alternatives. it helps you be more effective in making future decisions. make potential outcomes more real.

Detailed explanation-4: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.