ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accept responsibility for your decisions
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Be willing to make mistakes
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Make your decision without considering the consequences
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Seek advice when you need it.
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Detailed explanation-1: -Don’t allow your emotions or personal bias to get in the way. Keep your ego in check, and aim to separate your personal opinions on people or situations as much as you can. This is imperative, as rationality and objectivity are key in making truly successful and effective decisions.
Detailed explanation-2: -increasing information overload is not a means by which information improves decision making.
Detailed explanation-3: -Use a decision-making formula (e.g., stop and calm down, identify the decision to be made, identify the options, research the consequences of each option, choose what’s best for you, try it out, and reflect on how well the decision worked).
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