Explain the steps of decision-making process using an example. What is the difference between rational decision making, bounded rationality and intuitive decision making?
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Explain the steps of decision-making process using an example. What is the difference between rational decision making, bounded rationality and intuitive decision making?
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- Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.Illustrate the EIGHT (8) steps of decision making graphically as suggested in the Decision-Making Process model.What are the key decision criteria used in decision making under uncertainty. Briefly explain each of them.