Describe a decision-making process.

Description should include the concepts of utility, opportunity cost, and opportunity benefit, as well as an outline of the decision-making process, as follows:

• Define the problem, including the criteria for evaluating solutions.
• Identify alternative solutions.
• Evaluate advantages and disadvantages of the alternative solutions, including opportunity costs and benefits.
• Choose the best alternative.
• Develop and implement a plan of action.
• Review the decision.