Scientific vs intuitive decisions, risk and uncertainty, decision trees, and critical path analysis.
How businesses decide
Scientific decision-making uses data and models (forecasts, appraisal) — objective but slower.
Intuition uses experience/judgement — fast but subjective.
Most managers blend both. Opportunity cost is the next-best option given up.
Viewing only
This content is free to read on superexams.com and cannot be printed or downloaded.
Read the full note, free
Create a free account to read this note in full. Every free account gets 2 complete revision notes, no card needed.