Describe the procedure of considering economic decisions?

The following procedure should be kept in mind while taking economic decisions:

1. Identify the problem clearly that requires a solution. The problem should not be haphazard.
2. Collect all information regarding the decision that has to be made. It can include closely looking out for the root cause of the problem, examining the effect of the decision on employees etc.
3. Create a list of possible solutions to the problem. This gives a better idea for the possible options of solution.