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List and explain three common biases in making decisions

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Reference no: EM131496307

Question: 1. Explain the difference between risk and ambiguity. How may people make decisions in different ways for each situation?

2. List three decisions you have recently observed or taken part in. Which of them were programmed and which unprogrammed?

3. What are the major differences between the rational and administrative models of decision making?

4. List and explain three common biases in making decisions.

Reference no: EM131496307

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