ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Eight
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Seven
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Six
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Five
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Detailed explanation-1: -7 Steps of the Decision-Making Process.
Detailed explanation-2: -Hence, we conclude that changing the desired outcome is NOT one of the steps involved in the decision-making process.
Detailed explanation-3: -1. Identify the decision. The first step in making the right decision is recognizing the problem or opportunity and deciding to address it.
Detailed explanation-4: -The eight steps are to identify the problem, consider the nature of the problem, research the problem, developing solutions, list the pros and cons of the solutions, selecting the best approach, executing your choice and evaluating.
Detailed explanation-5: -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