ECONOMICS

Detailed explanation-1: -The rational decision-making model focuses on using logical steps to come to the best solution possible. This often involves analyzing multiple solutions at once to choose the one that offers the best quality outcome.

Detailed explanation-2: -Critical path analysis is a project planning method that focuses on identifying tasks that are dependant on other tasks for their timely completion. Understanding the dependencies between tasks is key to setting a realistic deadline for a complex project.

Detailed explanation-3: -A decision tree is a decision support tool that uses a tree-like model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.

Detailed explanation-4: -Also called the “critical path method", critical path analysis can help predict whether a project can be completed on time and can be used to reorganize the project both before starting it, and as it progresses, to keep the project’s completion on track and ensure that deliverables are ready on time.