Question

Sam’s laptop is four years old and needs a new hard drive. He got a quote that it will cost $450 to fix it. A new, similar laptop with a faster processor costs $750. Use the PACED decision process to decide what his best choice is. Show each step.

Answer 1

The PACED  used a systematic decision-making process for making tough financial choices.
Is divided into 5 stages

Define the problem.
List the alternatives.
Select the criteria.
Evaluate the alternatives.
Make a decision.

Applying to the problem we have to

1. Define the Problem- figure out if Sam wants a new hard drive in his laptop or buy a new set of laptop.
2. List the Alternatives- repair the hard drive or buy a new laptop.
3. Select the Criteria- time and patient.
4. Evaluate the alternatives- how much time would it take to repair the hard drive.
5. Make a Decision- ends up buying the $450 instead of buying the $750.