ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify choices, evaluate the pros & cons, evaluate probability of success, make a choice
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Make a choice, evaluate the pros & cons, Identify choices, evaluate probability of success
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Identify choices, make a choice, evaluate the pros & cons, evaluate probability of success
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Make a choice, evaluate probability of success, evaluate the pros & cons, Identify choices
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Detailed explanation-1: -Try to clearly define the nature of the decision you must make. This first step is very important. Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it.
Detailed explanation-2: -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-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: -Step 1: Identify Your Goal. One of the most effective decision making strategies is to keep an eye on your goal. Step 2: Gather Information for Weighing Your Options. Step 3: Consider the Consequences. Step 4: Make Your Decision. Step 5: Evaluate Your Decision.