ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Because we all hold similar values.
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Because we all have our unique set of values.
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Because other people’s opinions and values don’t matter.
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None of the above
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Detailed explanation-1: -Why is values-based decision-making important? Values-based decision-making is important because it allows managers and teams to make decisions that align with their core values and beliefs. Values are fundamental beliefs that guide our attitudes and behaviors and play a critical role in shaping our decision-making.
Detailed explanation-2: -When we make decisions and take actions that honor our values, we are best able to maximize our feelings of satisfaction and fulfillment. When we make decisions that do not honor or might conflict with our values, this can cause discontent and dissatisfaction.
Detailed explanation-3: -Values help us live with direction and purpose – like a guiding compass. Whatever is going on in our lives, our values can show us a path forward, and help us make better choices. Values are also intimately linked to our sense of self, and they’re essential for our mental health.
Detailed explanation-4: -Ethical decision-making is based on core character values like trustworthiness, respect, responsibility, fairness, caring, and good citizenship. Ethical decisions generate ethical behaviors and provide a foundation for good business practices.
Detailed explanation-5: -Becoming familiar with our values helps us to make meaningful decisions about our lives, decisions that resonate with the kind of person we want to be. They help to better inform our choices and make those choices deliberate ones. Values help us to find our purpose in life and be clear about what we want.