Decision making can only be made through "reasoned" decision process. Select one: O True O False
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- An aspect of structured decision-making that reflects state that encompasses the decision made by firms. * criteria options context objectives35 *:A criticism of the rational choice model of decision making is-17 Ajthat it is never followed in practice. O B)that it is too complex for people in organisations to understand. C)the assumption that decision makers have unlimited resources to search for and process information. Djall of the above Owhat extent does the use of the decision tree business technique support Louis Pasteur’s statement?
- What is the importance of a decision tree?Contrast maximax and maximin decision strategies. Under what circumstances is each appropriate?Determine the two best decision alternatives by a pessimistic decision maker. Decision dl d2 d3 d4 d2 and d4 Od1 and d4 Od1 and d2 d3 and d4 States of Nature $1 320 280 d1 and d3 170 450 $2 425 -160 100 220 83 -150 160 325 -175
- Which types of decisions should the decision trees be used to address for?Briefly state the different between rational decision making, bounded rational rationality an decision making by intuition.29 The last step of the 8 steps decision making process is A) developing alternatives B) identifying a problem C) implement the alternatives D) evaluating decision effectiveness