Weighing the pros and cons of each alternative is what step of the planning process?

Evaluating alternative courses

The correct answer is option 2 i.e. Evaluating alternative courses.

To weigh the pros and cons of each alternative is called evaluating alternative course of action. Each course will have many variables which have to be weighed against each other. The positive and negative aspects of each proposal need to be evaluated in the light of the objective to be achieved. In financial plans, for example, the risk-return trade-off is very common. The more risky the investment, the higher the returns it is likely to give. To evaluate such proposals detailed calculations of earnings, earnings per share, interest, taxes, dividends are made and decisions taken. Accurate forecasts in conditions of certainty/uncertainty then become vital assumptions for these proposals. Alternatives are evaluated in the light of their feasibility and consequences.