ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Describe the problem
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Identify your values
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Evaluate
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Reflect on what decision needs to be made.
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Consider your options
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Detailed explanation-1: -Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it. This step involves both internal and external “work.” Some information is internal: you’ll seek it through a process of self-assessment.
Detailed explanation-2: -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-3: -Identifying the Decision Criteria in Rational Decision-Making. The second step in the process is to identify the decision criteria needed to make a rational decision. This information should be connected to the problem listed in the first step and also the desired outcome.
Detailed explanation-4: -Define the problem or need: Analyze the issue at hand: Implement and communicate: Learn from the process and the outcome: