The Step in the Decision-Making Process During Which the Decision

question 4

Multiple Choice

The step in the decision-making process during which the decision makers consider laws, guidelines, policies, and principles that might apply to the decision is the step.

• A) develop problem statement
• B) implement decision
• C) identify alternatives
• D) evaluate and choose alternative

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Definitions:

Objective Value

The perceived worth of a good or service based on its ability to fulfill a need or want, as opposed to subjective personal preferences.

Opportunity Cost

The cost of foregone alternatives, representing the benefits that could have been received by choosing the next best alternative.

Subjective Values

The personal importance or worth that an individual places on a good or service, which can vary greatly between people.

Time Costs

The opportunity costs associated with the time spent on an activity instead of other, potentially more valuable, activities.