ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Getting help from a colleague
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Listening to impulses
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Making diagrams
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Identifying relevance
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Detailed explanation-1: -But the listening to impulse should be avoided as it can result in good or bad things also it is not considered for the safest route. Therefore Listening to impulse should be avoided.
Detailed explanation-2: -Sunk costs should be ignored in making decisions because they have no influence on future costs and benefits.
Detailed explanation-3: -Hence, we conclude that changing the desired outcome is NOT one of the steps involved in the decision-making process.
Detailed explanation-4: -Try to clearly define the nature of the decision you must make. This first step is very important. Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it.
Detailed explanation-5: -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