Discuss how business intelligence and business analytics can help support decision-making. Explain with one detailed example

What is the essence of decision theory, and how does it relate to making choices under uncertainty?

Provide the steps you will recommend to do a Decision Making Process in a company.

First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. For this discussion, we will use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision makers in an organization. Select one of the levels of decision making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision.

How does decision theory address the concept of bounded rationality in decision- making?

What is the role of risk aversion in decision theory and how does it influence decision making?

Describe a problem or decision you might face in your personal or professional life and share which decision-making method from chapter 3 of your textbook you would use to resolve it. Why is it important to ask questions when problem-solving? Why do many employers specifically seek employees who are excellent problem-solvers?

Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.

Explain the Rational decision-making, Bounded rationality decision-making and  Intuitive decision-making. Give one example of each

Identify how one can avoid making confirmation bias and overconfidence bias errors in the decision-making process.