ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are several important factors that influence decision making. 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.

Detailed explanation-2: -Decision phases can be defined as the different stages involved in supply chain management for taking an action or decision related to some product or services. Successful supply chain management requires decisions on the flow of information, product, and funds that fall into three decision phases.

Detailed explanation-3: -For this reason, a decision support system is hereby proposed to be able to pool data from the 3 main decision phases of a Supply Chain Management, namely: (1) supply chain design (Strategy) phase, (2) decision in supply chain management (Planning) phase, and (3) operational level (Operation) phase.

Detailed explanation-4: -1] Making routine choices and judgments. When you go shopping in a supermarket or a department store, you typically pick from the products before you. 2] Influencing outcomes. 3] Placing competitive bets. 4] Making strategic decisions. The constraint of decision making research.