ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.

Detailed explanation-2: -the act or process of deciding; determination, as of a question or doubt, by making a judgment: They must make a decision between these two contestants.

Detailed explanation-3: -Choice is the outcome of a process which involves assessment and judgement; that is, the evaluation of different options and making a decision about which option to choose. In order for these processes to take place and a choice to be made, there need to be two or more alternatives from which to choose.

Detailed explanation-4: -Decision making has much in common with problem solving. In problem solving you identify and evaluate solution paths; in decision making you make a similar discovery and evaluation of alternatives. The crux of decision making, then, is the careful identification and evaluation of alternatives.

Detailed explanation-5: -1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. 2] Influencing outcomes. 3] Placing competitive bets. 4] Making strategic decisions. The constraint of decision making research.