Title: Describe a decision-making process.
Course: Principles of Business and Marketing (12051-36) > Section: Understanding the Role of Economics in a Global Economy

Description should include the concepts of opportunity cost and opportunity benefit, as well as an outline of the decision-making process, as follows:

- Define the problem, including the criteria for evaluating solutions.
- Identify alternative solutions.
- Evaluate advantages and disadvantages of the alternative solutions, including opportunity costs and benefits.
- Choose the best alternative.
- Develop and implement a plan of action.
- Review the decision.

Process/Skill Questions:

- What are the steps of the decision-making process?
- What are the benefits of following the decision-making process?
- Why is decision making important in the business world? In the marketing field?
- How can one evaluate the results of a decision?
- What is the relationship between goal setting and decision-making?
- What is the relationship between decision-making and problem-solving?
- What steps should be taken if the chosen solution leads to another problem?
- How can one differentiate between the symptoms of a problem and the problem itself?
- How does opportunity cost affect the decision-making process?
- What are values?
- How do values affect decision-making?
- What are some common challenges to the decision-making process?
- How does following a decision-making process lead to better choices?