ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decision
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Decision Making Process
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Planning Process
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Verdict
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Detailed explanation-1: -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-2: -Decision making is the process of choosing the best alternative for reaching objectives. Decision making can be defined as a process of choosing between alternatives to achieve a goal. It is the process by which an individual chooses one alternative from several to achieve a desired objective.
Detailed explanation-3: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.
Detailed explanation-4: -Decision making is the process of selecting an alternative course of action that will solve a problem.
Detailed explanation-5: -Answer and Explanation: The correct answer is a. Evaluate possible courses of action, make decision.