ECONOMICS

Detailed explanation-1: -Decision-making is a complex process involving information, knowledge, intelligence, wisdom and ability to judge. Computers cannot take decisions on their own because they do not possess all essential of decision-making. They can be programmed to take such decisions, which are purely procedure-oriented.

Detailed explanation-2: -Decision criteria are the principles, values, rules, variables, and conditions that an organization or team uses to select an option or make a decision. These criteria guide teams in selecting a course of action among several alternatives. They improve the quality, rationality, and fairness of the team’s decisions.

Detailed explanation-3: -Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance. These things all impact the decision making process and the decisions made.

Detailed explanation-4: -decision tree: A visualization of a complex decision-making situation in which the possible decisions and their likely outcomes are organized in the form of a graph that resembles a tree.