Define the Two Types of Decision Models and Relate Them

question 16

Essay

Define the two types of decision models and relate them to the decision making environments of certainty, risk, and uncertainty as well as to the two types of decisions.

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Definitions:

Improve

To make or become better in quality, efficiency, or effectiveness.

Mental Model

A cognitive framework consisting of beliefs and assumptions that people use to understand and interpret the world.

Implicit Assumptions

Unspoken, underlying beliefs or ideas that are taken for granted in decision-making processes.

Conscious Beliefs

Conscious beliefs refer to the ideas and convictions that individuals are aware of and can explicitly acknowledge or articulate.