Final answer:
The process of evaluating different options to select the most appropriate one is known as decision-making, and a Cost Benefit Analysis is a key tool used in this process to compare the costs and benefits of alternatives.
Step-by-step explanation:
The process of choosing among competing alternatives is called decision-making. This involves evaluating different options and selecting the most favorable one based on a set of criteria. An important tool in this process is a Cost Benefit Analysis, which helps compare the costs and benefits of each alternative. Costs represent the resources given up, such as money and effort, whereas benefits represent the gains, like time and experiences. For example, in collective decision-making, preferences might lean towards the status quo or a majority rule to come to a consensus. In research, a symbolic interactionist might utilize participant observation to gather qualitative data to inform their hypotheses and subsequent decisions.