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Ans 1: -

There are several models of decision-making which are as follows: --

1 . The economic rationality model

It comes from the classical economist models, in which the decision developer is correctly and entirely rational in every single way. In this, following circumstances are presumed. a. The choice will be completely rational in means ends sense. b. There is a full and consistent system of preferences that allows an option among alternatives. c. We have a complete understanding of all the possible alternatives. g. Probability measurements are none frightening nor mysterious. electronic. There are no limits towards the complexity of computations that may be performed to look for the best alternatives.

2 . The social model: -

On the opposite extreme from the financial rationality version is the sociable model sucked from psychology. Sigmund Freud viewed humans while bundles of feelings, emotions and instincts, with their behavior guided by their unconscious wishes. These processes have possibly an impact inside the international area as they offer some basic guidelines of protocol.

3. Simon's bounded rationality model: -

To present a much more realistic option to the financial rationality version, Herbert Claire proposed another solution model. He felt that management decision-making behaviour is follows a. In choosing between alternatives, manager try to satisfy or perhaps looks for one which is sufficient or " good enough”. Examples of rewarding criteria can be adequate revenue or discuss or the marketplace and good price. m. They identify that the community they perceive is drastically simplified model of the real world. They can be content with the simplification mainly because they believe the real world is mostly vacant anyway. c. Because that they satisfy rather than maximise, they can make their choices without first identifying all possible behaviour alternatives and without determining that these are typical the alternatives. d. The managers deal with the world since empty, they...

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