ECONOMICS
DECISION MAKING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The different choices you can make to deal with a situation.
|
|
Alternatives
|
|
|
Decision
|
|
|
Evaluate
|
|
|
Consequences
|
|
|
Trade off
|
Explanation:
Detailed explanation-1: -An alternative is one of the possible courses of action available. Without alternatives, we have no decision. Good alternatives are (1) under our control, (2) significantly different, (3) potentially attractive, and (4) doable.
Detailed explanation-2: -Solution(By Examveda Team) The selection of best alternative from many alternatives is known as decision-making. Decision making is a process of selecting the best among the different alternatives. It is the act of making a choice.
Detailed explanation-3: -Identify the problem. Search for alternatives. Weigh the alternatives. Make a choice. Implement the choice. Evaluate the results and, if necessary, start the process again.
There is 1 question to complete.