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Decision Making Approaches
General Framework
Outline the meaning of Rationality, Bounded Rationality and Intuitive approaches to decision making.
Individual Components
1. Demonstrate a specific example of Rationality using Decision Trees
2. Demonstrate a specific example of Rationality using either a Payoff Matrix or Multivariate Analysis
3. Find and describe an example of an Intuitive approach to decision making
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Model of behaviour modification and the four contingencies of reinforcement.(cited/referenced)
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What are programmed decisions? Decisions made in accordance with several habit, rule or procedure are termed as Programmed Decisions.
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