Briefly discuss the assumptions of rationality and the validity of those assumptions.
What will be an ideal response?
A decision maker who is perfectly rational is fully objective and logical. The problem faced is clear and unambiguous. The decision maker has a clear and specific goal. He is aware of all possible alternatives and consequences. Making decisions consistently leads to selecting the alternative that maximizes the likelihood of achieving that goal.
These assumptions apply to any decision - personal or managerial. For managerial decision making, an additional assumption is that decisions are made in the best interests of the organization. However, most of these assumptions of rationality are not very realistic.
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Serving customers better and faster, as well as learning more about their experiences and preferences, is facilitated by decision support systems (DSSs).
Answer the following statement true (T) or false (F)
Exploratory research is research conducted to gain ideas and insight into the problem confronting the management or the researcher
Indicate whether the statement is true or false
Assume you have applied for two scholarships, a Merit scholarship (M) and an Athletic scholarship (A). The probability that you receive an Athletic scholarship is 0.18. The probability of receiving both scholarships is 0.11. The probability of getting at least one of the scholarships is 0.3. a.What is the probability that you will receive a Merit scholarship?b.Are events A and M mutually exclusive? Why or why not? Explain.c.Are the two events A and M independent? Explain using probabilities.d.What is the probability of receiving the Athletic scholarship given that you have been awarded the Merit scholarship?e.What is the probability of receiving the Merit scholarship given that you have been awarded the Athletic scholarship?
What will be an ideal response?
Which of the following supports informational needs?
A) Purpose B) Desired outcome C) Potential audience action D) Audience knowledge of background information E) Business results