ECONOMICS
DECISION MAKING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -The late Peter Drucker once wrote, “One has to make a decision when a condition is likely to degenerate if nothing is done…. The effective decision-maker compares effort and risk of action to risk of inaction."
Detailed explanation-2: -3 Conditions of Decision Making: Certainty, Risk, and Uncertainty.
Detailed explanation-3: -It was the American philosopher and psychologist William James who first said, “No decision is, in itself, a decision.” And there are few quotes that bear greater meaning when it comes to decision-making. All too often, advisors experience inertia – that inability to move forward – and disguise it with excuses.
Detailed explanation-4: -Difficulty in making decisions can be caused by several factors, such as a fear of failure and a lack of confidence or information. Indecisiveness can also be a symptom of mental health conditions, such as attention deficit hyperactivity disorder (ADHD), depression, and post-traumatic stress disorder (PTSD).