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Decision Making Vocab

Terms in this set (16)

Agony
Strategy in which you consider every detail of every option over and over again.
Opportunity Cost
The value of the benefits of the next best alternative that could have been chosen, but was not.
Impulse
Strategy in which you go with your first reaction.
Escape
Strategy in which you avoid a decision or make up an answer to deflect an injury.
Trade-Off
What you give up when you choose one alternative over another.
Procrastination
Strategy in which you delay making the decision until someone else makes the decision or until options disappear; deciding by "default"
Compliance
Strategy in which you hand over control or let someone else decide.
Play It Safe
Strategy in which you choose the alternative with the lowest level of risk.
Decision-Making Process
Consists of 5 Steps
Instant Gratification
Unwillingness to give up something now in return for something later.
Delayed Gratification
Willingness to give up something now in return for something later.
Define the Problem
Step ONE in the Decision-Making Process
List all possible alternative and consequences of each choice
Step TWO in the Decision-Making Process
Select the best choice depending on your values and priorities
Step THREE in the Decision-Making Process
Act on your decision
Step FOUR in the Decision-Making Process
Evaluate your decision to determine if goal or decision was met
Step FIVE in the Decision-Making Process
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