ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gather and examine information
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List your resources and think about alternatives
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Identify the decision to be made or the problem to be solved
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Evaluate the consequences
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Detailed explanation-1: -Pinpointing the issue is the first step to initiating the decision-making process. Ensure the problem is carefully analyzed, clearly defined, and everyone involved in the outcome agrees on what needs to be solved.
Detailed explanation-2: -Step 1: Identify the decision You realize that you need to make a decision. Try to clearly define the nature of the decision you must make. This first step is very important.
Detailed explanation-3: -Specify the problem – a first step to solving a problem is to identify it as specifically as possible. It involves evaluating the present state and determining how it differs from the goal state. Analyze the problem – analyzing the problem involves learning as much as you can about it.
Detailed explanation-4: -Identify the decision The first step in making the right decision is recognizing the problem or opportunity and deciding to address it. Determine why this decision will benefit your customers or fellow employees.
Detailed explanation-5: -The decision-making process includes the following steps: define, identify, assess, consider, implement, and evaluate. Today we’re going to think together a little bit about the decision-making process. Usually, most people don’t break down how they make decisions, they just decide.