ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Define the problem
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Identify the decision criteria
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Choose options
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Discuss what to do
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Detailed explanation-1: -Identifying the problem is the very first step in the model. Once the problem or choice that needs to be made is defined then the desired outcome can be more understood.
Detailed explanation-2: -The first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.
Detailed explanation-3: -Evaluate the information you identify over time: Assess the information you gather and determine how long to evaluate it carefully. This stage also requires you to work with team members and obtain expert advice. Create a practical solution: Using your creative skills, develop a solution or strategy.
Detailed explanation-4: -What is Rational Decision Making? Rational decision making leverages objective data, logic, and analysis instead of subjectivity and intuition to help solve a problem or achieve a goal. It’s a step-by-step model that helps you identify a problem, pick a solution between multiple alternatives, and find an answer.
Detailed explanation-5: -Understand the issue. The issue is clear to you. Define the problem. Define the objectives. Diagnose the problem. Develop alternatives. Evaluate alternatives. Select an alternative. Implement alternative. 11-May-2021