ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Evaluate
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Estimate
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Calculate
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Assess
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Analyze
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Detailed explanation-1: -❏ a consequence is something that happens. as the result of an action. ❏ every action has consequences, so considering the. potential consequences of an action is an important part of wise decision making.
Detailed explanation-2: -Decision analysis (DA) is a form of decision-making that involves identifying and assessing all aspects of a decision, and taking actions based on the decision that produces the most favorable outcome.
Detailed explanation-3: -Step 1: Identify the decision. You realize that you need to make a decision. Step 2: Gather relevant information. Step 3: Identify the alternatives. Step 4: Weigh the evidence. Step 5: Choose among alternatives. Step 6: Take action. Step 7: Review your decision & its consequences. 08-Jun-2022
Detailed explanation-4: -Why is this decision important? Who benefits from the decision? What is the cost of reversing the decision? What is best for the organization? About the Author(s) More items •08-Apr-2019