ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Give the decision time
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Make a mental movie, acting out various alternatives
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Ask for advice
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Ask for advice
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All of the above
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Detailed explanation-1: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.
Detailed explanation-2: -An alternative is one of the possible courses of action available. Without alternatives, we have no decision. Good alternatives are (1) under our control, (2) significantly different, (3) potentially attractive, and (4) doable.
Detailed explanation-3: -Analysis paralysis is an inability to make a decision due to over-thinking a problem. An individual or a group can have too much data. The result is endless wrangling over the upsides and downsides of each option, and an inability to pick one.
Detailed explanation-4: -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.