ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consider logical connections between ideas
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consider every possible option
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delay making a decision
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identify relevance
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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: -Selecting the best solution is the most critical part of decision making. There is a risk element involved in each alternative against the expected gain. Selection should be made at proper time. Selection of decision is also affected by the limited resources available at our disposal.
Detailed explanation-3: -procrastination. decision making strategy in which you delay making the decision until someone else makes the decision or until options disappear “by default".
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