ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -To make a decision, you must first identify the problem you need to solve or the question you need to answer. Clearly define your decision. If you misidentify the problem to solve, or if the problem you’ve chosen is too broad, you’ll knock the decision train off the track before it even leaves the station.

Detailed explanation-3: -It’s important to understand the issue before you start thinking about potential solutions and decisions. Having a clearly defined problem can make it easier to make decisions later on in the process. Define or state your issue in as specific terms as possible so it’s easy to understand.

Detailed explanation-4: -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.