ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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5 steps.
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6 steps.
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7 steps.
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None of the above
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Detailed explanation-1: -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-2: -The decision-making process allows for the exploration of all alternatives in order to solve a problem, and it ensures that the best solution is found. The decision-making process includes the following steps: define, identify, assess, consider, implement, and evaluate.
Detailed explanation-3: -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
Detailed explanation-4: -Recognize there is an issue. Identify the problem and who is involved. Consider the relevant facts, laws and principles. Analyze and determine possible courses of action. Implement the solution.