Final answer:
In the decision-making process, after gathering information and conducting a cost-benefit analysis, the third step is usually deciding on a course of action. This involves weighing the pros and cons of each possible decision.
Step-by-step explanation:
The decision-making process typically involves a series of steps to come to a well-informed and effective conclusion. One of the key steps, after gathering more information, is conducting a cost-benefit analysis. This involves comparing the marginal costs and benefits of a decision. Marginal costs represent the extra cost of adding an additional unit (be it money, effort, or other sacrifices), while marginal benefits represent the extra benefit gained from the addition of the same unit. This analysis helps in assessing the trade-offs and determining the best course of action by putting costs on one side of a T chart and benefits on the other, which is crucial before coming to a final decision. Based on the provided options and typical decision-making processes, the third step is often 'deciding on a course of action' after gathering information and analyzing it.