ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consider all possible solutions
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Consider all possible alternatives
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Define the situation /decision to be made
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Identify the important criteria for the process and the result
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Detailed explanation-1: -Hence, we conclude that changing the desired outcome is NOT one of the steps involved in the decision-making process.
Detailed explanation-2: -The steps involved in the rational decision-making model are: defining the problem, identifying the decision criteria, allocating weight to criteria, developing alternative solutions, evaluating alternatives, choosing a solution, and implementing it.
Detailed explanation-3: -Define the problem. Identify the decision criteria. Assign weights to the criteria. Create a list of options and order them. Choose the best option and finalize your decision. 05-Nov-2021
Detailed explanation-4: -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-5: -Identifying a Problem or Opportunity. Define the Desired Outcome. Gathering Relevant Information. Analyzing the Situation. Developing Options. Evaluating Options. Selecting a Preferred Alternative (Aware of Opportunity Costs). Acting on the Decision. 09-Feb-2023