The Decision-Making Process
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Questions and Answers

What is the definition of decision?

  • A process of gathering information
  • A choice made between two or more alternatives (correct)
  • A predetermined course of action
  • A random selection

    • What are the assumptions of rational decision making?

  • Decision makers are always rational
  • Decision makers have perfect information (correct)
  • Decision makers are biased
  • Decision makers always make optimal decisions

    • What is the concept of bounded rationality?

  • Decision makers have perfect information
  • Decision makers always make optimal decisions
  • Decision makers make decisions based on limited information and resources (correct)
  • Decision makers are biased

    • What is the concept of satisficing?

    <p>Decision makers always make optimal decisions</p> Signup and view all the answers

    What are the two types of problems and decisions?

    <p>Programmed and non-programmed</p> Signup and view all the answers

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