ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Some of the qualitative techniques of decision making are:-Intuitive Approach 2. Delphi Technique 3. Brainstorming 4. Nominal Group Technique (NGT) 5.

Detailed explanation-2: -A simulation modelling process is mainly based on feeding quantitative data into a model to produce quantitative results in a structured sequential process. Qualitative approaches to research take a less structured approach with more of an inclination towards judgmental and expert knowledge rather than hard data.

Detailed explanation-3: -Linear programming. This technique basically helps in maximizing an objective under limited resources. Probability decision theory. Game theory. Queuing theory. Simulation. Network techniques.

Detailed explanation-4: -Identify the decision. Gather relevant info. Identify the alternatives. Weigh the evidence. Choose among the alternatives. Take action. Review your decision.