ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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4 steps.
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6 steps.
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8 steps.
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None of the above
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Detailed explanation-1: -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-2: -Types of Decision Making – Routine, Strategic, Policy, Operating, Organisational, Personal, Programmed, Non-Programmed, Individual and Group Decisions.
Detailed explanation-3: -7 decision-making process steps. Though there are many slight variations of the decision-making framework floating around on the Internet, in business textbooks, and in leadership presentations, professionals most commonly use these seven steps.
Detailed explanation-4: -Identify the issue. Research thoroughly. Make a list of viable solutions. Include other team members in discussions. Evaluate your ideas based on their impact. Choose the best option. Evaluate the results of your decision. Modify your process for your next project. 22-Jun-2022
Detailed explanation-5: -Identifying a Problem or Opportunity. Define the Desired Outcome. Gathering Relevant Information. Analyzing the Situation. Developing Options. Evaluating Options. Selecting a Preferred Alternative (Aware of Opportunity Costs). Acting on the Decision. 09-Feb-2023