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This article deals with decision-making as analyzed in psychology.

See also Decision theory.

In psychology, decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.

Every decision-making process produces a final choice; it may or may not prompt action.

Decision-making is the process of identifying and choosing alternatives based on the values and preferences of the decision-maker.

Information is that which informs.

In other words, it is the answer to a question of some kind.

It is thus related to data and knowledge, as data represents values attributed to parameters, and knowledge signifies understanding of real things or abstract concepts.

As it regards data, the information's existence is not necessarily coupled to an observer (it exists beyond an event horizon, for example), while in the case of knowledge, the information requires a cognitive observer.

In marketing, a product is anything that can be offered to a market that might satisfy a want or need.

In retailing, products are called merchandise.

In manufacturing, products are bought as raw materials and sold as finished goods.

A service is another common product type.

A goal is a desired result or possible outcome that a person or a system envisions, plans and commits to achieve: a personal or organizational desired end-point in some sort of assumed development.

Many people endeavor to reach goals within a finite time by setting deadlines.

A consumer is a person or organization that uses economic services or commodities.

In economic systems consumers are utilities expressed in the decision to trade or not.