ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Seeking help every time
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Gathering information
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Defining the problem
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Taking action
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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 correct answer is evaluating the decision’s effectiveness. The last step in the process of decision-making is Evaluating or Monitoring the decision’s effectiveness.
Detailed explanation-3: -Judgments are based upon one’s values. Which of the following should NOT be part of decision making? Believing that my decisions will not affect others.
Detailed explanation-4: -The first step in the decision making process is Identifying a problem which means examine the problem more closely and understand the cause of a problem.
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