ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Weighing up the Risks Involved
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Deciding on Values.
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Listing Possible Solutions/Options
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None of the above
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Detailed explanation-1: -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-2: -Step 1: Identify the decision You realize that you need to make a decision. Try to clearly define the nature of the decision you must make. This first step is very important.
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: -Step 1: Identify Your Goal One of the most effective decision making strategies is to keep an eye on your goal.
Detailed explanation-5: -The four different decision-making models-rational, bounded rationality, intuitive, and creative-vary in terms of how experienced or motivated a decision maker is to make a choice.