What are the key decision criteria used in decision making under uncertainty. Briefly explain each of them.
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- What is meant by decision making? Explain decision making criteria with relative example?Explain the Rational decision-making, Bounded rationality decision-making and Intuitive decision-making. Give one example of eachDiscuss the different roles played by the qualititative and quantitiative approaches to managrial decision making. Why it is important for a manager or decision maker to have a good understanding of both of these approaches to decision making?
- What are some common decision-making biases and heuristics that can impact decision quality?Explain the steps of decision-making process using an example. What is the difference between rational decision making, bounded rationality and intuitive decision making?Differentiate between extensive decision making and Limited decision making ? Give an example of each?
- Explain one (1) barrier in decision-making and provide (1) suggestion for overcoming this barrier.1. Explain what is meant by the term decision model. 2. Distinguish between qualitative and quantitative decision analyses. 3. Choose an organization and a particular decision situation. 4. Then give examples, using that context, of each step in the decision-making process described in this session.Why does it make sense to discuss several different models of decision making?