What Is the First Step in Rational Decision Making

question 89

Multiple Choice

What is the first step in rational decision making?

• A) Understanding who will make the decision
• B) Recognizing that a decision is necessary
• C) Identifying alternatives to the problem
• D) Choosing an alternative
• E) Implementing the alternative

---

Definitions:

United Nations

An international organization founded in 1945 dedicated to maintaining international peace and security, developing friendly relations among nations, and promoting social progress.

Letter of Credit

A financial document issued by a bank guaranteeing the payment of a buyer's obligations to a seller within a specific time frame and under certain conditions.

Buyer's Bank

Buyer's bank refers to the financial institution that represents the purchaser in a transaction, often involved in issuing or confirming payment instruments like letters of credit.

Seller

An individual or entity that offers goods or services in exchange for payment or other compensation.