A critical analysis of decision- making methods/ heuristics
Decision making involves a process in which choices are made by setting goals, collecting relevant information, and performing an assessment of the available alternatives to make the best choice. Decision making is crucial to the management in determining the optimal choices from multiple alternatives available in business operations. According to Goodwin and Wright (2014), various heuristics are deployed in the process of decision making by the individuals or organizations depending on the alternatives involved. These methods include recognition, minimalistic, and lexicographic approaches.
Recognition method
In this method, the decision making is determined using set criteria for evaluating the available alternatives. Primarily, ...
