ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Analyze and study your options
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List your resources and think about alternatives
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Identify the decision to be made
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Evaluate the consequences
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Detailed explanation-1: -Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it. This step involves both internal and external “work.”
Detailed explanation-2: -Step 2: Gather Information for Weighing Your Options When making good decisions it is best to gather necessary information that is directly related to the problem. Doing this will help you to better understand what needs to be done in solving the problem, and will also help to generate ideas for a possible solution.
Detailed explanation-3: -The decision-making process allows for the exploration of all alternatives in order to solve a problem, and it ensures that the best solution is found. The decision-making process includes the following steps: define, identify, assess, consider, implement, and evaluate.
Detailed explanation-4: -The review stage is the last step of the decision-making process here, you will evaluate whether or not the specific outcome resolved the problem or opportunity you identified initially.