Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the definition of decision?
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?
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?
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?
What is the concept of satisficing?
Signup and view all the answers
What are the two types of problems and decisions?
What are the two types of problems and decisions?
Signup and view all the answers
