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Chapter 1, Problem 1.1PQ1

BuyFindarrow_forward

Loose Leaf for Personal Finance

12th Edition
Jack R. Kapoor + 3 others
ISBN: 9781259720680

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Chapter
Section
BuyFindarrow_forward

Loose Leaf for Personal Finance

12th Edition
Jack R. Kapoor + 3 others
ISBN: 9781259720680
Summary Introduction

To explain:

The main elements of every decision that is to be made.

Introduction:

Decision refers to the end solution or conclusion made through assessment of various factors and situations. It is the final action to be taken after taking into consideration all of the possibilities and variables.

Explanation

The main elements of every decision should include basic problem, courses of action, factors that influence the decision, evaluation of courses of action, decision and implementation of decision.

  • The main elements of a decision first include the assessment of basic problem about which the decision should be made, the problem should be clear and the objective of decision should be clear.
  • Another element is the courses of action which includes the determination of actions that the decision to be taken would involve.
  • After determination of courses of action the evaluation of those actions are necessary. It is important to see whether these actions are worth to be taken or not.
  • The assessment of other factors that influence the decision is also important as they can affect both the decision and result later.
  • After considering all above elements, the last element would be to make a decision and the implementation of the decision carefully. The making of decision is not enough until it is implemented correctly.
Conclusion

Thus, the main elements of every decision should include basic problem, courses of action, factors that influence the decision, evaluation of courses of action, decision and implementation of decision.

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