Chapter 1 Decision Making Process

What is the process of making a good choice through identifying and evaluating possibilities called?

• Prioritization

• Opportunity Cost

• Procrastination

• Decision-Making Process

What term is used to describe standards of judgment for comparing and evaluating choices?

• Opportunity Cost

• Criteria

• Trade-Off

• Consequence

What does 'Procrastinate' mean?

• To evaluate possibilities

• To prioritize tasks

• To make a quick decision

• To put off deciding or doing something

What is 'Opportunity Cost'?

• The benefit of the chosen option

• The cost of making a decision

• What you give up to get something else

• The outcome of a decision

What does 'Trade-Off' refer to?

• Ordering tasks by importance

• The act of delaying a decision

• A balance achieved between two desirable but incompatible features

• A decision-making process

Which concept describes the loss of potential gain from other alternatives when one alternative is chosen?

• Decision-Making Process

• Criteria

• Opportunity Cost

• Procrastination

What is the term for the benefit that could have been gained from an option not chosen?

• Trade-Off

• Opportunity Cost

• Consequence

• Criteria

What does it mean to prioritize tasks?

• To delay decision-making

• To choose the least important tasks first

• To order tasks by their level of importance

• To ignore less important tasks

Which term refers to the act of delaying tasks or decisions to a later time?

• Criteria

• Procrastination

• Opportunity Cost

• Decision-Making Process

What is the concept called that involves choosing the most important tasks to handle first?

• Trade-Off

• Procrastination

• Prioritization

• Opportunity Cost