ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Decision makers and intelligent systems are examples of resources that are active in nature as they perform decision-making activities. In contrast, information is an example of a passive resource, because it is subject to use by active resources (e.g., decision makers) during decision making.

Detailed explanation-2: -Several factors influence decision making. Those factors are past experiences, cognitive biases, age and individual differences, belief in personal relevance, and an escalation of commitment. Heuristics are mental shortcuts that take some of the cognitive load off decision-makers.

Detailed explanation-3: -Decision making with constraints When there are resource constraints the objective that should be applied is to establish the optimum output within the constraints to maximize contribution and thus profits. organization will be unable to accept every opportunity that yields a positive contribution.

Detailed explanation-4: -Decision making in management is the process of making a choice between two or more options. This involves evaluating the pros and cons of various choices and choosing the best option to achieve a desired outcome. In management, decision making is about acting in a way that meets organizational goals and objectives.