Discuss different types of Decisions in detail-02252
This subjective question is related to the book/course
vu mth302 Business Mathematics & Statistics.
It can also be found in
vu mth302 Mid Term Solved Past Paper No. 1.
Question 1: Discuss different types of Decisions in detail.
Answer:
Type of Decisions
All problems require decision making, however the nature of problem determines how it should be approached. The decision making process There are three types of decisions
- Unstructured decisions are those in which the decision maker must provide judgment, evaluation, and insights into the problem definition.
- Structure decisions , by contrast, are repetitive and routine and involve a definite procedure for handling them so that they do not have to be treated each time as if they were new.
- Some decisions are semi structured; in such cases, only part of the problem has a clear-cut answer provided by an accepted procedure.
