ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -P. Step 1: Define the Problem. Why do you have to make a choice? A. Step 2: List the Alternatives. What are my possible choices? C. Step 3: Determine the Criteria (rules for evaluating or testing options) E. Step 4: Evaluate the alternatives. D. Step 5: Make the Decision.
Detailed explanation-2: -Criteria: Students select the criteria on which the alternatives should be evaluated. This is where the students decide which values are important to them to ensure that their evaluation produces a meaningful decision. Evaluate: Students evaluate how well each alternative meets the chosen criteria.
Detailed explanation-3: -Their assigned goal is go through the PACED steps-1) Define the Problem, 2) List Alternatives, 3) Determine Criteria, 4) Evaluate Alternatives, and 5) Make a Decision.
Detailed explanation-4: -The PACED decision-making model is used for many purposes in rational decisions. It includes five steps that make up its acronym PACED. The letters stand for problem, alternatives, criteria, evaluation, and decision.
Detailed explanation-5: -The four different decision-making models-rational, bounded rationality, intuitive, and creative-vary in terms of how experienced or motivated a decision maker is to make a choice.