Which of the Following Describes How the Simon Framework of Decision-Making

question 35

Multiple Choice

Which of the following describes how the Simon framework of decision-making works in high-velocity decision environments?

• A) All four steps of the process are handled by software algorithms; humans are eliminated from the decisions because they are too slow.
• B) The first three steps of the process are handled by software algorithms and the final step is handled by experienced managers.
• C) The first two steps of Simon's framework are eliminated and the final two steps are handled by software algorithms.
• D) All fours steps are performed by humans with the support of high-speed, high-volume DSS and ESS.

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Definitions:

Money Income

The total earnings received by an individual or household, including wages, salaries, benefits, and investments, usually measured before taxes.

Equilibrium Combinations

Sets of prices and quantities in a market where supply and demand are balanced, leading to no excess supply or demand.

Price

The amount of money that must be paid to obtain a good or service.

Budget Line

A curve demonstrating the trade-offs between two goods or services that a consumer can afford with a specific budget, considering price changes.