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by Dinesh Thakur

Decision-making techniques can be classified in terms of decision-making in situations of certainty, uncertainty and risk. In certainty where the outcomes are certain, no decision-making tool is required as the outcomes are certain to occur and hence anyone can take the correct decision (the obvious one). However, decision-making under risk means that the probability values associated with the success and failure of outcomes is known but the outcomes are by no means certain. In these kinds of situations, one can use the decision tree method to take decisions.

 
by Dinesh Thakur

Bounded rationality is a term first coined by Herbert Simon. Simon challenged the concept of a rational man in classical and neoclassical economic theories and argued that the rationality of man is bounded by certain limitations. He opined that even though rational thinking, deductive reasoning and logic are good for solving theoretical problems.

 
by Dinesh Thakur

Decisions are of varying complexity. Some decisions are routine, simple and easy to take Knowledge about such decisions is very well known. The outcomes of each alternative of such decisions are well known and certain.

 
by Dinesh Thakur

The central nervous system (CNS) of our body consists of the brain and the spinal cord. Together they control most our basic functions like movements, speech, cognition, vision, etc. The human brain is a very complex system. It is made up of nerve cells called neurons. There are an estimated 50-100 billion neurons are present in an average human brain which weighs approximately about 1.5 kg. The brain is considered to consist of three main constituents:

 
by Dinesh Thakur

In earlier times, the main levels of business capability and change were strategy, structure, processes and people but in today's time another level has been added to the four that already exist. This invisible asset works as a key resource for the organization.

 
by Dinesh Thakur

Information plays a vital role in decision-making. Even to take very simple decisions, we need information. To understand the role played by information in decision-making, we have to understand how decisions are taken. Decision-making is basically a process that includes the following stages:



 
by Dinesh Thakur

Organizational decisions differ in a number of ways. The following basis are used to classify the decisions:

 
by Dinesh Thakur

Herbert Simon made key contributions to enhance our understanding of the decision-making process. In fact, he pioneered the field of decision support systems. According to (Simon 1960) and his later work with (Newell 1972), decision-making is a process with distinct stages. He suggested for the first time the decision-making model of human beings. His model of decision-making has three stages:

 
by Dinesh Thakur

The word “decision “is derived from the Latin word “decido”. Which means “A decision, therefore is