ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Step 1: Define the Problem. What is the problem? Step 2: Clarify the Problem. Step 3: Define the Goals. Step 4: Identify Root Cause of the Problem. Step 5: Develop Action Plan. Step 6: Execute Action Plan. Step 7: Evaluate the Results. Step 8: Continuously Improve.

Detailed explanation-2: -It has five steps with its own acronym, DMAIC: define, measure, analyze, improve and control. The first two steps are for defining and measuring the problem. The third step is the analysis. And the fourth and fifth steps are improve and control, and address solutions.

Detailed explanation-3: -Step Three: Develop Alternative Solutions The PS group focuses on: Finding as many solutions to the problem, no matter how outlandish they may seem. Looking at how each solution relates to the root cause and symptoms of the problem. Deciding if different solutions can be merged to give a better answer to the problem.

Detailed explanation-4: -Three phases are proposed that turn spontaneous, ill-defined problems into well-defined ones, respectively. into problem solving tasks. A complete solution consists of three components: a case model, an argument structure and a conclusion. The conclusion is a sub-part of both other components.

Detailed explanation-5: -Problem solving is the act of defining a problem; determining the cause of the problem; identifying, prioritizing, and selecting alternatives for a solution; and implementing a solution.