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Q2. What are the assumptions of different decision making models which either describe how...

Q2. What are the assumptions of different decision making models which either describe how decisions are made, or prescribe how decisions should be made? Identify varying degrees of knowledge under which the decisions are made, and explain with the help of organizational examples you are familiar with. Briefly describe the organization to help understanding the context , you are referring to.

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Q2. What are the assumptions of different decision making models which either describe how decisions are made, or prescribe how decisions should be made? Identify varying degrees of knowledge under which the decisions are made, and explain with the help of organizational examples you are familiar with. Briefly describe the organization to help understanding the context , you are referring to. Ans: Assumptions of different decision making models: Problem Clarity- The problem is clear and unambiguous. Known Options- The decision-maker can identify all relevant criteria and viable alternatives. Clear Preferences- Rationality assumes that the criteria and alternatives can be ranked and weighted. Constant Preferences- Specific decision criteria are constant and that the weights assigned to them are stable over time. No Time or Cost Constraints- Full information is available because there are no time or cost constraints. Maximum Payoff- The choice alternative will yield the highest perceived value Decisions are making Decision-making can be regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice that may or may not prompt action. Decision-making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Decision-making is one of the central activities of management and is a huge part of any process of implementation. Objectives must first be established Objectives must be classified and placed in order of importance Alternative actions must be developed The alternative must be evaluated against all the objectives The alternative that is able to achieve all the objectives is the tentative decision The tentative decision is evaluated for more possible consequences The decisive actions are taken, and additional actions are taken to prevent any adverse consequences from becoming...

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May 25 2020 View more View Less

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