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Author Question: In the figure below, list the eight steps in the decision-making process in the correct order ... (Read 98 times)

aabwk4

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on: Jul 21, 2018
In the figure below, list the eight steps in the decision-making process in the correct order
 
  What will be an ideal response?

Question 2

What are four ways a borrower can minimize risk?
 
  What will be an ideal response?


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livaneabi

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Reply #1 on: Jul 21, 2018
Answer to Question 1

The eight steps are, in order: (1) Establish goals, (2) gather facts, (3) analyze resources, (4) establish
routes, (5) make an informed decision, (6) put plan into action, (7) assume responsibility, and (8)
evaluate results.



Answer to Question 2

The borrower can minimize risk by applying certain rules, including the following:
 Use production loans to increase income.
 Limit amount borrowed on new or unfamiliar enterprises.
 Keep debt as low as possible while maintaining efficiency.
 Keep abreast of markets and trends.
 Maintain a debt-to-net worth ratio of 1:1 or less.
 Maintain proper debtincome relationship.
 Select lender on dependability and terms.
 Have a definite repayment schedule.
 Reduce risk by carrying adequate insurance.



aabwk4

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Reply 2 on: Jul 21, 2018
Thanks for the timely response, appreciate it

lindahyatt42

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Reply 3 on: Yesterday
Excellent

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