PACED Decision Making Step 1: Define the Problem. Why do you have to make a choice? Step 2: List the Alternatives. What are my possible choices? Step 3: Determine the Criteria (rules for evaluating or testing options) Step 4: Evaluate the alternatives. Step 5: Make the Decision. The Decision: Which one would work best for you? Click to see full answer. In this manner, what is the paced decision making model?PACED Decision Making Guide: A decision-making process designed to help people solve problems in a rational, systematic way. It includes the following steps: State the Problem, List Alternatives, Identify Criteria, Evaluate Alternatives, and Make a Decision.Likewise, what does paced mean in personal finance? Problem, Alternatives, Criteria, Evaluation, Decision Simply so, what does paced stand for in economics? Problem, Alternatives, Criteria, Evaluation, Decision How do you make a decision grid? Let’s try an example decision grid. Make a list of your options. Collect all the criteria – the pros and cons and unknowns – for each option. Gather more info about the unknowns as best you can. Then turn that data into a decision grid. The options go across the top of the grid.