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by Dinesh Thakur Category: Decision Making

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 Category: Decision Making

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 Category: Decision Making

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 Category: Decision Making

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 Category: Decision Making

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 Category: Decision Making

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 Category: Information and System Concepts

An open system is one that interacts with its environment and thus exchanges information, material, or energy with the environment, including random and undefined inputs. Open systems are adaptive in nature as they tend to react with the environment in such a way organizing', in the sense that they change their continued existence.



 
by Dinesh Thakur Category: Information and System Concepts

Types of System : Physical or Abstract : Physical system is tangible entities that may be static or dynamic in nature. Abstract system is conceptual or non-physical. The abstract is conceptualization of physical situations.

 
by Dinesh Thakur Category: Information and System Concepts

A deterministic system is one in which the occurrence of all events is known with certainty. If the description of the system state at a particular point of time of its operation is given, the next state can be perfectly predicted.

 
by Dinesh Thakur Category: Information and System Concepts

Information may be understood to have various dimensions. However, for our purpose, the following dimension of information will be of interest.



 


About Dinesh Thakur

Dinesh ThakurDinesh Thakur holds an B.SC (Computer Science), MCSE, MCDBA, CCNA, CCNP, A+, SCJP certifications. Dinesh authors the hugely popular Computer Notes blog. Where he writes how-to guides around Computer fundamental , computer software, Computer programming, and web apps. For any type of query or something that you think is missing, please feel free to contact us.



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