ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Healthy
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Impulsive
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Thoughtful
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All of the above
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Detailed explanation-1: -The characteristics of decisions faced by managers at different levels are quite different. Decisions can be classified as structured, semistructured, and unstructured. Unstructured decisions are those in which the decision maker must provide judgment, evaluation, and insights into the problem definition.
Detailed explanation-2: -There are three categories of decision-making: ‘deci-sions under certainty, ‘ ‘decisions under risk’ and ‘deci-sions under uncertainty’. In a product mix problem where, for example, we know the profit per unit and the level of production, we make our decision under certainty’.
Detailed explanation-3: -1] Making routine choices and judgments. 2] Influencing outcomes. 3] Placing competitive bets. 4] Making strategic decisions. The constraint of decision making research.