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Decision Making Process

Decision Making Process. Chapter 1, 1.2. Five Decision Making Steps. SPECIFY . Identify wants . SEARCH . Gather information and know choices available. SIFT. Determine desired satisfaction and evaluate alternatives. SELECT . Make your choice. STUDY . Evaluate the results of your choice.

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Decision Making Process

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  1. Decision Making Process Chapter 1, 1.2

  2. Five Decision Making Steps SPECIFY. Identify wants. SEARCH. Gather information and know choices available. SIFT. Determine desired satisfaction and evaluate alternatives. SELECT. Make your choice. STUDY. Evaluate the results of your choice.

  3. SPECIFY Identify the goal of the shopping trip (ex. I want to buy shoes) Make that goal as specific as possible (I want to pay less than $40 for my shoes) Decide if it is a necessary and wise purchase (I can find a similar and more affordable pair of stylish shoes at DSW instead of Nordstrom’s)

  4. SEARCH Have a plan for gathering information about all available options (Who sells the shoes I want and for how much?) Avoid impulse purchases

  5. SIFT Consider all the options (out of all the shoes you looked at, which one had what you wanted?) Look at the opportunity cost (what would you have purchased using that money if you had not bought the shoes?)

  6. SELECT Make your choice! (NOW you buy the shoes)

  7. STUDY Think about the decision you made. Would you do it again? What would you do differently? Remember, making good decisions is always a learning process!

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