ECONOMICS

Detailed explanation-1: -decision making strategy in which you choose the alternative with the lowest level risk. consists of five steps:1. define the problem; 2. list all possible alternatives and consequences of each choice; 3.

Detailed explanation-2: -First, the alternative should match the goals and objectives of the business. Second, the alternative should match the current assessment of the strengths of the business. Third, market opportunities need to exist for the products. Lastly, the product should be able to be made efficiently and effectively.

Detailed explanation-3: -The decision theory of interest in the decision analysis, regarding the decision making under risk, is the expected value of criterion also reffered to as the Bayesian principle. This is the only one of the four decision methods that incorporates the probabilities of the states of nature.

Detailed explanation-4: -Decision-making under risk refers to a situation in which the consequences of the adopted option and the probability of its occurrence are known (Takemura, 2014, 2019, 2020). In addition, in decision-making research under risk, lottery selection tasks are often used to study their nature (Takemura, 2014, 2020).

Detailed explanation-5: -Random Choice Decision Making Random decision making can be an effective way to get people teams without having to deal with the interpersonal dynamics that follow. This strategy is most effective combination of minimal consequences, limited time, and a lack of other appropriate strategies to choose from.